A. History and Development of the Company We were incorporated under the name of “Amer Sports Management Holding (Cayman) Limited” as an exempted company with limited liability under the laws of the Cayman Islands on January 3, 2020. On August 4, 2023, we changed our name to Amer Sports, Inc. Our registered office is located at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands. Our telephone number at this address is +1 345 945 3901. Our corporate offices are located at Siltasaarenkatu 8-10, Fl-00530 Helsinki, Finland. Our telephone number at this address is +358 207 122 500. Our agent for service of process in the United States is Andrew E. Page, Chief Financial Officer, Interim President & CEO of Wilson, located at 149 Fifth Avenue, 9th Floor, New York, NY, 10010. Our principal website is www.amersports.com. The information on, or accessible through, our website is not a part of, and is not incorporated into, this Annual Report. We have included our website address only as an inactive textual reference and do not intend it to be an active link to our website. In February 2024, Amer Sports, Inc. became a publicly traded company on the New York Stock Exchange (“NYSE”). Our reports filed with or furnished to the United States Securities and Exchange Commission (“SEC”) are available, free of charge, on our investor relations website at https://investors.amersports.com as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The SEC maintains a website at http://www.sec.gov that contains reports and other information regarding us and other companies that file materials with the SEC electronically. We use our investor relations website as a means of disclosing material information. Accordingly, investors should monitor our investor relations website, in addition to following our press releases, SEC filings, and public conference calls and webcasts. See “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources” for our principal capital expenditures since January 1, 2024 and expected budget for 2026. B. Business Overview Amer Sports is a global group of iconic sports and outdoor brands, including Arc’teryx, Salomon, Wilson, Atomic and Peak Performance, united by a shared purpose of elevating the world through sport. Our brands are known for their detailed craftsmanship, unwavering authenticity, premium market positioning and compelling market shares in their categories. We pride ourselves on cutting-edge innovation, technical performance and ground-breaking designs that allow athletes and everyday consumers to perform better every day. Through partnerships with industry influencers and elite athletes, and in collaboration with the various communities we serve, we develop next-generation products that define winning moments in sports. Our brands are creators of exceptional apparel, footwear, equipment, protective gear and accessories that we believe give our consumers the confidence and comfort to excel. 50 Table of Contents Select Pinnacle Moments in Sports where Amer Sports’ Brands are Delivering at the Highest Levels Courtney Dauwalter claims first place at the Lavaredo 120km trail race wearing Salomon footwear, apparel and packs. Marta Kostyuk head-to-toe in Wilson playing in her 2025 US Open kit Mountain guide and professional climber Will Gadd trusts his Arc’teryx gear as he climbs in Banff National Park Winning her 106th World Cup race in 2025, Mikaela Shiffrin has the record for most Alpine World Cup victories in history. Our brands are our stars, constantly elevating the consumer experience and creating thriving communities. We empower our brands to pursue market-shaping leadership and set the standard for quality, performance and brand experience globally. While our brands have established heritage and market leadership today, significant runway remains ahead. We are excited about our future and the opportunity to drive growth in each of our three reportable segments: Technical Apparel, Outdoor Performance and Ball & Racquet Sports. Our segments comprise our “brand clusters,” which reflect both how our consumers engage with our products and how we manage our business. Technical Apparel Outdoor Performance Ball & Racquet Sports 51 Table of Contents Each segment is led by one of our core brands: Arc’teryx, Salomon and Wilson. Each of these brands creates high-quality technical products that stand out in their respective categories, and possesses key differentiated attributes. Founded 1989 1947 1914 Purpose Lead the world in snow, trail and climb products for the mountain athlete We exist to unleash the best in people through mountain sports Empower every human to live life like an athlete Activities Climbing, hiking, mountaineering, skiing, snowboarding, mountain running Trail running, gravel running, road running, hiking, snowboarding, alpine skiing, nordic skiing Racquet sports, baseball, softball, football, basketball, volleyball, golf Key Product Performance Outerwear Performance & Sportstyle Footwear Sporting Equipment, Apparel, & Accessories Key Brand Attributes Delivering leading mountain outerwear designed for the point of extreme need Global leader in footwear and winter sports equipment, creating a 365-day, year-round brand fueled by innovation Comprehensive sports hardgoods manufacturer that delivers consistent growth and performance Geographic Revenue Mix by Brand (for the year ended December 31, 2025) See “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Key Financial Metrics” for our revenues by geography for the years ended December 31, 2025, and 2024. 52 Table of Contents Arc’teryx Arc’teryx is a technical outdoor apparel brand inspired by the Canadian Coast Mountains and built on the principle of obsessive, precise design and production. Arc’teryx gear pushes the boundaries of performance and enables adventurers to excel in their outdoor pursuits in the mountains, in the backcountry and on some of the world’s most technical climbs. The products are known for their minimalist design, and sleek and streamlined aesthetic, along with new, innovative features that continually advance outdoor activities. Product quality, from the materials to the design, allows Arc’teryx to command premium pricing as evidenced by its best-selling “hardshell” jacket in North America, the Alpha SV. Overall, Arc’teryx combines beautiful, innovative products and an authentic brand experience that extends beyond apparel, fostering communities and bringing people together across all regions of the world who share a passion for the outdoors. Salomon Born in the French Alps in 1947, Salomon creates premium innovative footwear, apparel, winter sports equipment and accessories. Since its founding, Salomon has been fueled by a culture of design, craftsmanship, continuous innovation, and performance inspired by progress, the mountains and athletes. The brand first produced metal ski edges and expanded into releasable ski bindings before launching industry changing rear-entry ski boots and monocoque skis. The brand’s leadership in winter sports helped to propel it into a diverse portfolio of sports and products including footwear and apparel. Today, Salomon is a market leader in global trail and gravel running footwear and premium hiking footwear, with products recognized for their performance, style, durability and sustainability. Nearly 70% of Salomon’s revenue in 2025 came from footwear, while also having leading market positions in its legacy winter sports equipment categories (skis, snowboards, boots, bindings, goggles, helmets, etc.), creating a 365-day, year-round brand serving all seasons for mountain sport consumers. Wilson Sporting Goods Founded in 1914 in Chicago, Illinois, Wilson Sporting Goods is a leading manufacturer of high-performance sports equipment, apparel, footwear and accessories. The Wilson Sporting Goods portfolio is made up of the iconic Wilson brand, as well as Louisville Slugger, DeMarini, EvoShield and ATEC. Collectively, these brands bring more than three centuries of innovation, history and heritage to a variety of mainstream sports. As a multi-sports platform, Wilson drives innovation and product excellence by leveraging learnings across the brands’ various disciplines, including tennis, football, baseball and basketball, among other sports. The Wilson brand has a legacy as the top-of-the-line sports equipment and is associated with legendary athletes, including Roger Federer and Caitlin Clark. In addition, Wilson is the official partner of professional sports leagues, including the NBA, WNBA, NFL, the US Open, Roland-Garros, and more. These athletes and leagues are a testament to the credibility and reputation of Wilson’s track record of innovation and superior products. While Arc’teryx, Salomon and Wilson stand tall and lead our three segments, our other brands appropriately fit our sports-oriented portfolio. Peak Performance enhances our scale, competitive positioning and diversification across sports categories. Atomic and Armada give us a leading position in winter sports equipment, globally. Our baseball brands, which include Louisville Slugger, DeMarini, EvoShield, and ATEC, are market leaders in their respective category. Together, our brands enable us to lead and compete in various sports segments and drive the continued success of our portfolio. The Amer Sports Group We excel at identifying, developing and defining brands that meet our corporate vision. We empower these brands to autonomously connect with consumers and develop products to drive growth. Our platform supports the brands via scaled infrastructure and financial controls to accelerate performance. We believe that the size and diversification of our platform mitigates risks and provides financial flexibility to invest prudently to meet the continuously evolving needs of consumers, to develop competitive advantages and to drive growth across the brands through a relentless focus on innovation. We also believe that our platform enables efficient integration, scaling and optimization of target opportunities that fit within our portfolio, as well as critical insight to inform divestiture decisions. 53 Table of Contents We govern our brands through management across the finance, supply chain, sustainability, communications, legal and compliance functions, among other areas. At the same time, we enable our brands through our group’s incubator model that provides shared learnings from data analytics across the platform as well as from the economies of scale and synergies of shared resources, including supplier services, distribution and logistics, human resources and enterprise IT infrastructure. We further serve our brands through access to shared, centralized business services, including customer service and treasury management functions. Together, these resources empower our brand leadership teams to focus on serving consumers through brand, product and go-to-market strategies that drive performance, and our global and scaled operating model enables larger, robust brand organizations to independently flourish. Seasonality We experience some seasonal fluctuations in our revenue and operating results. Historically, we have realized a slightly higher portion of our revenue and earnings in the fourth quarter of the fiscal year, primarily due to higher sales through our DTC channel compared to the rest of the year and a higher share of fall and winter collections in our Technical Apparel and Outdoor Performance segments. For example, we generated 32%, 32%, and 30% of our total revenue in the fourth quarter of the fiscal years 2025, 2024 and 2023, respectively. Our Ball & Racquet Sports segment is generally more consistent across fiscal quarters. Working capital requirements typically increase throughout our second and third fiscal quarters as inventory builds to support our peak shipping and selling period which typically occurs from August to December. Cash provided by operating activities is typically highest in our first fiscal quarter due to the significant inflows associated with our peak selling season. We believe our strategy to broaden our assortment within the softgoods categories across all our brands could lead to increasingly balanced revenue and results of operations throughout the fiscal year. Our Growth Strategies We have established comprehensive growth strategies across each of our brands, founded on the pillars of product innovation, geographic expansion, channel mix optimization and increased brand awareness. We intend to leverage both the intrinsic strengths of our brands and the synergistic benefits of our platform to pursue the following growth strategies: Leverage Innovation Leadership to Strengthen Core Categories and Scale Newer Categories The foundation of our brands’ success comes from an ability to innovate and create products that appeal to both elite athletes and everyday consumers. We believe our innovation model, which has been institutionalized across brands in each of our three segments, will allow us to expand our market shares within core categories, as well as tactically scale in newer categories. Within Technical Apparel, Arc’teryx employs a hands-on, iterative product development process that begins with innovative ideas in the North Vancouver design center. These product innovations come to life via on-site prototyping at the nearby ARC’One facility. Further, the team rigorously tests products in the Canadian Coast Mountains with world-class mountain athletes. This results in a product that meets our high quality standards and drives continuous innovation. Core innovation enables products like the Alpha SV waterproof breathable “hardshell” jacket to consistently be among Arc’teryx’s top selling products, supporting the brand’s market leadership within outdoor technical apparel and driving continued topline growth. Along with core outdoor category growth, Arc’teryx plans to grow its women’s category, where it has invested in new design leadership, including an expanded assortment, color palette and updated fits, along with rigorous engagement with female athletes to further expand market share with female consumers. For new product development, Arc’teryx recently opened a footwear development office in Portland, Oregon to be able to provide a more comprehensive offering to the outdoor consumer, while also further diversifying product line seasonality. Arc’teryx is also expanding its product portfolio through its popular contemporary urban lifestyle line, Veilance. These new categories are supplemented by sustainability programs, including Circular Business Models under ReBIRD™, which provides consumers care and repair services, product care education for home care and in-field repair, while ReBIRD™’s Upcycling program diverts rescued textiles that are repurposed into coveted pieces. ReBIRD™’s Resale program, known as ReGear™, accepts used gear for trade-in and refurbishes it for resale on the ReGear™ platform and in flagship New York City and Toronto stores. 54 Table of Contents Within Outdoor Performance, Salomon is deeply committed to innovation in footwear, reflected by its world-class design center in Annecy, France, along with a professional athlete collaboration program to design next-generation products. Through trail running, Salomon has been influential in shaping the modern outdoor footwear industry, rich in heritage of the French Alps. These innovations shape the future of the sport, recently being worn by Courtney Dauwalter as she claimed first place in the Lavaredo 120km trail race, running with the S/LAB Genesis shoes; by Matthias Kyburz, who reached 5th place in the New York Marathon wearing the new S/LAB Phantasm 3; and by Rémi Bonnet, who broke the Vertical Kilometer world record in 27’21’’ wearing a prototype shoe. Historically, innovation has supported the evolution of Salomon’s iconic products like the XT-6, launched in 2013 and originally designed for ultra-distance trail runners facing harsh conditions. This silhouette has since become the foundation of Salomon’s rapidly growing Sportstyle line, blending function and fashion in a way that resonates with both athletes and lifestyle consumers. The Sportstyle footwear line continues to gain cultural relevance, with high-profile collaborations such as the XT-MM6 Maison Margiela, the X-ALP Carhartt W.I.P, and the XT-Pathway 2 FERXXO with Colombian artist FEID, generating significant desirability, cultural relevance and global attention. These partnerships highlight Salomon’s ability to fuse performance with style, further establishing the brand as a leader in both outdoor sports and fashion. Sportstyle is the fastest growing collection in the Salomon brand. Salomon also demonstrates an unwavering commitment to producing high-performance equipment for winter sports, supported by decades of innovation across Alpine, Nordic and Snowboard disciplines. Building on this legacy, Salomon opened a new chapter in competitive winter sports with the launch of EQUIPE, a brand-wide winter sports equipment platform. EQUIPE reflects Salomon’s belief that performance is a collective journey, bringing together athletes, product experts and communities across disciplines to rethink how winning is defined and supported. Rooted in innovation, human connection and inclusivity, the platform reinforces Salomon’s position as the only modern mountain sports brand present across Alpine, Nordic and Snowboard with a year-round commitment to athletes. Salomon’s technical credibility in winter sports was further reinforced during the 2023–24 competitive season, with Salomon Nordic athletes delivering one of their strongest World Cup campaigns to date, accumulating 136 podium finishes. The season culminated with Jessie Diggins winning the overall FIS Cross-Country World Cup title and receiving the prestigious Holmenkollen Medal, the highest distinction in Nordic skiing. Looking ahead, Salomon intends to leverage the EQUIPE platform and its premier innovation capabilities to elevate its winter sports equipment offering, accelerate product development and drive long-term growth and market share. In Ball & Racquet Sports, Wilson’s in-house innovation capabilities, anchored by its innovation center, Wilson Labs, located in Chicago, provide a competitive advantage and an engine for continuous growth. The brand’s significant scale, particularly compared to mono-sport competitors, allows Wilson to make significant investments in research and development. The innovation process leverages key insights from technical scientists, engineers and designers who have a deep understanding of sports and the technical needs of athletes who use Wilson products. Recent innovation examples include a Louisville Slugger baseball bat that uses simulation software combined with artificial intelligence, first utilized in the golf space and then expanded to baseball, to enhance the contact sweet spot, or the Evo NXT basketball that redistributes the weight of the ball with an advanced internal construction, making the ball easier to shoot from long range. New product introductions accounted for approximately 25% of revenue in 2025 for Wilson. These product innovations drive market share growth in core sports as well as adjacent categories such as the increasingly popular games of padel in Europe and pickleball in the United States. As a new growth lever, Wilson is expanding its reach in softgoods categories in addition to sports equipment. Wilson is already experiencing success with its Tennis 360 Softgoods business, which involves launching tennis footwear and increasing exposure to apparel, which represented approximately 15% of total Wilson sales during the year ended December 31, 2025, an increase from 9% for the year ended December 31, 2024. We believe this category will continue to grow as a larger contributor to the Wilson business and help fuel broader brand engagement. Across segments, our plans to innovate, expand our product offering and successfully implement our growth strategy may not be successful, and implementation of these plans may divert our operational, managerial and administrative resources, which could harm our competitive position and reduce our revenue and profitability. 55 Table of Contents Further Penetrate Key Markets and Strategically Broaden Our Geographic Footprint While our brands across each of our three segments have achieved global recognition, there are specific markets where they enjoy greater prominence: Arc’teryx in North America and Greater China, Salomon in Europe and Wilson in North America. By capitalizing on our existing global presence and leveraging our brands’ strengths, we have a significant opportunity to strategically increase our presence in existing and new geographies by cultivating new customer bases where there is promising market demand and ample room for growth. Within Technical Apparel, Arc’teryx’s future geographic growth will be grounded in its historical momentum in North America and Greater China, with considerable opportunity in Europe and Asia Pacific (in particular, Japan). In Greater China and North America, the brand operates 79 and 73 owned retail stores, including 19 and 7 factory outlets, respectively, as of December 31, 2025. During the period from 2019 to December 31, 2025, the brand has opened a net total of 61 new stores in Greater China, as well as a net total of 49 new stores in North America. In Asia Pacific and Europe, Arc’teryx operates 77 and 17 owned retail stores, including 17 and 3 factory outlets, respectively, as of December 31, 2025. The brand intends to continue developing its retail real estate portfolio in these markets to drive brand awareness and growth. In Europe, there are retail opportunities in large metro areas such as Paris, as well as iconic, outdoor locations across the Alps, including Zermatt, Switzerland and St. Anton, Austria, where important community-building “mountain stores” are targeted to create authentic brand positioning. Further, the brand opened a new owned retail store in Chamonix, France in 2025. Within Outdoor Performance, Salomon continues to strengthen its brand recognition and reputation in Europe, while brand awareness is steadily developing in Greater China and the United States. These markets continue to represent strong long-term growth opportunities. In these regions, the technical performance, innovative design and premium positioning of the brand’s products, particularly within footwear, align well with evolving consumer preferences. In Greater China, Salomon has successfully opened over 50 owned retail stores in the year ended December 31, 2025 and has plans to keep developing its DTC model in this market. In 2025, Salomon continued its retail acceleration with openings in key locations, including London, Milano, Shanghai, Melbourne, Sydney, New York, Los Angeles and Chicago. In the United States, Salomon’s strong roots in specialty and performance-driven communities, particularly in winter sports, serve as a catalyst for accelerating brand awareness and expansion beyond its historical niche into Sportstyle. Within Ball & Racquet Sports, Wilson has a compelling opportunity to leverage its reputation for technical excellence in various sports activities, stemming from its historical success in the North American market. Wilson plans to expand its market leadership in North America while driving growth in both Greater China and Europe. In these newer markets, Wilson plans to leverage its existing partnerships as well as capitalize on increasing participation in sports and outdoor activities such as tennis. In Greater China, we believe that higher levels of participation in sports by children, young adults and women provide an opportunity to leverage the Tennis 360 Softgoods business to drive apparel and footwear growth while also developing a strong brand relationship with a large and dynamic consumer base. In Europe, Wilson plans to leverage its product authority in racquet sports to drive market share gains in padel, which is a popular fast-growing sport in the region. Fast growing sports like padel and pickleball are also fragmented and provide Wilson an opportunity to innovate on currently relatively standardized equipment. Optimize Go-to-market Strategies to Conveniently Engage Consumers Each of our brands employs a customized go-to-market strategy that is tailored specifically to the brand’s attributes and designed to effectively reach and captivate consumers. We remain committed to further refining and enhancing our go-to-market strategies with the goal of expanding our market presence, fostering customer loyalty and driving growth. Our DTC strategy will continue to require significant investment and management focus and may present risks and challenges, while our wholesale strategy may be impacted by the strength of our relationships with our wholesale partners. Within Technical Apparel, for Arc’teryx, the DTC channel is the primary vehicle to engage consumers and drives both online and offline conversions. The DTC channel allows Arc’teryx to seamlessly leverage grassroots community marketing strategies and provides for a more agile inventory management model focused on consistent flow of fresh product. While Arc’teryx has a strategic wholesale footprint that will remain an important element in its distribution strategy, we expect owned retail and e-commerce to continue to enable DTC to be the brand’s fastest growing channel. •Retail Brand Stores: Elevated brand stores provide a critical space for Arc’teryx to engage directly with consumers, showcase products and build community. Its retail store strategy has evolved to include three differentiated store formats with square footage generally ranging from 1,000-10,000 sq ft. With multiple store 56 Table of Contents formats, the brand has expanded its retail store network, with a focus on global retail hubs like Shanghai and New York. The brand stores are highly productive with an average global sales per square foot of approximately $1,800 for the year ended December 31, 2025. Brand stores generally have been profitable with a target payback period of 24 months, with actual performance generally exceeding targets. The ReBird™ Care and Repair centers, incorporated in several new stores opened since 2022, have been an important element of the brand’s immersive store experience, not only to enhance our efforts in improving the circularity and reusability of our products, but also to drive traffic and consumer engagement. •E-commerce: Arc’teryx’s digital platform is a catalyst for the business across all channels by growing brand awareness and serving as a global “storefront” for products and brand identity. We believe the Arc’teryx e-commerce platform will continue to grow as brand awareness accelerates through brand and community marketing investments, which contribute to Arc’teryx’s ability to adapt its business based on consumer data received from this platform. Within Outdoor Performance, Salomon continues to execute and scale the go-to-market strategy initiated in recent years, progressively evolving from a traditional wholesale-driven model toward a more balanced and consumer-centric approach. This strategy is designed to elevate the brand by selectively partnering with premium wholesale accounts, curating and segmenting assortments, while expanding direct consumer reach through owned retail and e-commerce and delivering more engaging brand experiences. While the channel mix remains primarily wholesale, DTC has grown from 33% of brand revenue in 2024 to 41% in 2025 in an effort to drive penetration globally. •DTC: Salomon continues to execute a strategic retail expansion plan focused on multi-sport, experiential store formats in select major global cities, such as Paris, London and Milano, while also increasing the number of Sportstyle focused stores in Greater China and the United States. These retail locations are designed to elevate the brand experience, strengthen consumer engagement and support long-term brand equity. For e-commerce, the recent redesign of Salomon’s e-commerce platform is delivering tangible results, offering a more immersive and seamless consumer experience and driving increased traffic and conversion. As brand awareness and brand communities continue to grow across key markets, the e-commerce platform is increasingly establishing itself as a key growth driver within Salomon’s DTC ecosystem. •Wholesale: Salomon continues to prioritize high-quality wholesale partnerships, particularly with specialty retailers, to attract new consumers and reinforce its performance credibility. The brand works closely with partners to improve per-door productivity and optimize assortments. Many of Salomon’s specialty retail partners are closely aligned with the brand’s core competencies, notably hiking and trail running. In outdoor and trail running footwear, Salomon remains focused on consolidating its account base while improving productivity. Within Sportstyle, the brand is similarly focused on improving productivity while selectively expanding the number of retail partners carrying its products. Salomon intends to further strengthen its strategic wholesale presence in Europe, particularly in underpenetrated Western European markets, as well as in the United States, where the brand continues to target top-tier sporting goods retailers. Within Ball & Racquet Sports, Wilson Sporting Goods’s go-to-market strategy revolves around highly productive wholesale relationships complemented by owned retail stores and an e-commerce platform that create excitement around Wilson’s categories and elevate Wilson’s brand. The wholesale channel is pivotal for Wilson as we believe many consumers prefer to shop in stores where expert recommendations are available and can be critical to driving the point-of-sale for sporting goods. Approximately 45% of Wilson’s wholesale revenue in 2025 came from differentiated specialty retailers. Through strong wholesale relationships and a complementary DTC strategy, Wilson aims to continue increasing consumer engagement in the appropriate channels. Importantly, while Wilson’s owned store footprint is expected to remain relatively small and targeted, these stores serve as important consumer touchpoints to build engagement with the brand in high-quality, immersive retail environments. •Wholesale: Wilson’s wholesale channel comprises more than 15,000 wholesale partners globally for the year ended December 31, 2025, balanced between traditional and specialty retailers and smaller pro shops and country clubs. Through internal, specialized sales teams, Wilson closely collaborates with its wholesale partners to deliver a premium and educational consumer experience that drives brand productivity. As Wilson continues to deliver superior products, it intends to continue increasing productivity and shelf space with strategic wholesale partners. 57 Table of Contents •DTC: Wilson leverages DTC channels to complement its wholesale strategy by increasing brand awareness and elevating the brand. Wilson has owned retail stores in strategic locations, such as Southern California, Texas, New York City and Chicago, which provide an immersive consumer experience and illuminate Wilson’s leadership across categories. The brand’s retail strategy is complemented by a global e-commerce platform with innovative digital capabilities, such as a direct-to-team baseball offering that leverages Wilson’s dynamic portfolio of brands and connections with baseball academies, clubs and organizations. Overall, we believe DTC will continue to play a critical role in driving traffic and conversion for Wilson in both the DTC and wholesale channels as brand equity and awareness grow. Grow Brand Awareness, Expand Our Communities and Increase Customer Loyalty We believe efforts to drive higher levels of brand awareness and increased customer loyalty across key markets are critical for each of our brands to achieve their commercial potential. As such, each brand has developed robust global marketing programs that build on the authenticity of each brand through strategies ranging from “grass roots” local community activities, to large scale global on-mountain events, to sophisticated original content and social media campaigns that leverage digital marketing. Within Technical Apparel, Arc’teryx has created a reputation of authenticity and an uncompromising standard of excellence. The result has created a passionate, loyal following for the brand. However, Arc’teryx global brand awareness levels are relatively low when compared to more established premium outerwear brands. The brand plans to tactically increase brand awareness and curate more passionate communities through the following global strategies: •Arc’teryx Academies: Each year, Arc’teryx hosts several global events in some of the most iconic alpine destinations around the world such as Chamonix, France and St. Anton, Austria. In 2025, Arc’teryx brought a global academy to Mammoth, CA, and will continue an elevated Academy experience for athletes and guests in Mammoth in 2026. Each Academy focuses on a different mountain sport discipline and is open to the public, providing the most in depth mountain knowledge and expertise in the world. •Store-Driven Events: Arc’teryx’s events enable the brand to connect to the communities surrounding the brand’s stores. These events range from design discussions, music performances, to speaker series hosted both in-store and online. •Original Content + Digital and Social Media: Arc’teryx produces original content films with talented filmmakers that feature sponsored athletes. These films include examples such as Mountains of The Moon by artist and skier Chris Benchetler, a film that explores the unseen connections between sport, life, music, and the living earth, set to the music of the Grateful Dead, and Stepping Out, a film featuring Arc’teryx athletes Joey Vosburg and Christine Feleki, both Association of Canada Mountain Guides who spend 150+ days a year in the mountains. These films and brand-owned stories provide original content to enable authentic brand storytelling across social media channels. We believe original content combined with digital marketing strategies will increase Arc’teryx brand awareness globally. Within Outdoor Performance, while Salomon has existed for nearly 80 years, a milestone the brand will celebrate in 2027, it continues to see significant opportunities to further grow global brand awareness, particularly in North America and Greater China. To support this ambition, Salomon is executing an integrated, brand-first marketing strategy designed to build long-term brand equity, reinforce cultural relevance and connect with new audiences worldwide. •Television, Digital and Social Media: Salomon leverages a broad and integrated media mix across television, out-of-home (“OOH”), digital out-of-home (“DOOH”), digital and social media to communicate its brand story at scale and build strong emotional connections with consumers. ◦In 2024, Salomon launched the “Welcome Back to Earth” campaign, encouraging individuals to reconnect with nature and embrace the outdoors for both physical and mental well-being. The campaign was amplified globally through high-visibility media placements across television, OOH and DOOH, marking a key moment for brand visibility. In recognition of its effectiveness, the campaign received a Gold Effie Award in 2025 in the “Fashion & Accessories” category. 58 Table of Contents ◦In 2025, Salomon developed its “Invented / Reinvented” campaign platform, expressing the brand’s unique ability to translate mountain-born performance innovation into contemporary urban and lifestyle contexts. Deployed primarily through OOH, DOOH, digital and social channels, the campaign reinforces Salomon’s growing cultural relevance and supports the expansion of its Sportstyle category. ◦Starting in 2026, Salomon will activate its new brand promise, “Shaping New Futures,” through a global brand campaign designed as a long-term platform. This promise will be deployed across media, content, partnerships and experiences, ensuring consistency and coherence across all marketing initiatives while supporting the brand’s long-term growth ambitions. •Brand Ambassadors: Professional athletes trust Salomon in the most demanding competitive environments, which is the greatest form of product validation. In total, over 200 professional athletes across trail running, snowboarding and alpine and Nordic skiing actively use Salomon products. These athletes provide individual product and brand storytelling opportunities to drive awareness. •Loyalty Program: Salomon’s loyalty program, S/Plus, continues to expand and gain momentum across key markets. The program plays an increasingly important role in strengthening consumer relationships, driving repeat engagement and reinforcing long-term brand affinity. As adoption grows, S/Plus supports Salomon’s broader DTC and community-building strategy by fostering deeper engagement and long-term loyalty. •Original Content: Salomon.tv has evolved beyond a traditional branded content channel into a strategic storytelling platform and content studio, enabling the conception and production of long-form, original and authentic content. Through in-depth formats, Salomon.tv highlights athletes, sports, products and communities, while supporting consistent brand expression across digital channels. Several Salomon.tv productions have been selected and screened at internationally recognized film and sports festivals and have received industry awards, reinforcing Salomon’s credibility as a brand capable of producing premium content that resonates well beyond its owned media ecosystem. •Events: ◦Salomon has developed a leading global trail running race circuit, the Golden Trail Series (GTS), staged in some of the most iconic outdoor destinations worldwide. These events are the only running races designed and developed specifically for a global broadcast audience, positioning GTS at the intersection of sport, performance and entertainment. ◦In 2024, GTS events were broadcast on Eurosport across 53 countries. In 2025, Salomon further expanded the global reach of the series through a partnership with Warner Bros. Discovery, enabling GTS races to be broadcast across 90 territories and reach a potential audience of 687 million viewers. Salomon plans to continue investing in the expansion of the series, including the addition of events in Japan and Greater China, to complement races in Europe and the United States and further entrench the brand as the leading global force in trail running. Salomon aims to advocate for this innovative race format to be featured in future Olympic Games. ◦In parallel, Salomon is the official Premium Partner of the Milano Cortina 2026 Olympic and Paralympic Winter Games and will supply the official uniforms for more than 18,000 volunteers and torchbearers. This partnership reinforces Salomon’s visibility on the world’s largest sporting stage and reflects the brand’s long-term commitment to shaping the future of sport. Within Ball & Racquet Sports, Wilson has recently elevated its brand through consistent, cohesive brand messaging across sports categories. Today Wilson is thoughtfully balancing product marketing and brand marketing to engage consumers, and it intends to continue growing its brand awareness in key global markets through the following strategies: •Professional Partnerships: For more than 110 years, Wilson has been and continues to be a part of championship-level performance for some of the world’s best athletes and iconic sports leagues. These endorsements and partnerships serve as a competitive advantage, providing a differentiated opportunity to convey a story around “Play What the Pros Play.” Wilson plans to continue leveraging these partnerships with both professional leagues and young aspiring talent across sport activities to build brand awareness globally. 59 Table of Contents •Strategic Marketing: Known for product excellence across sport categories, Wilson is establishing a sport-led brand identity that sources and amplifies brand equity from each category’s leadership and authenticity. Wilson leverages digital marketing, social media platforms, experiential concepts and collaborations with brands such as KITH to deliver authentic brand and product messaging to consumers. The digital marketing strategy combines personalized targeting, engaging content and data-driven optimization to build brand awareness and drive consumer engagement. Leverage the Amer Sports Platform to Scale All of Our Brands We have laid the foundation and infrastructure to enable premium brands to thrive and scale on the Amer Sports platform. The ability for brands to chart their own consumer-centric strategies while leveraging the global scale and capabilities of our platform provides an opportunity for all of our brands across each of our three segments to accelerate their growth in a profitable manner. For example, Atomic and Peak Performance have an opportunity to leverage our platform to increase their presence globally. Atomic is a leading player in winter sports as validated through the use of Atomic equipment by some of the world’s best alpine athletes, including Mikaela Shiffrin. We intend to leverage this professional brand halo to capture additional market share in the global winter sports equipment industry and further extend the Atomic brand to apparel and accessories. Given its Nordic roots, Peak Performance has a strong following within EMEA; however, there is an opportunity to expand the brand globally in the Americas, Greater China and Asia Pacific. Our Brands and Products Our portfolio consists of 10 globally recognized brands in our three segments: Technical Apparel, Outdoor Performance and Ball & Racquet Sports. Technical Apparel Arc’teryx Founded in 1989 in North Vancouver, British Columbia, Arc’teryx is an outdoor apparel brand built on the principle of obsessive, precise design and construction. Arc’teryx gear pushes the boundaries of performance and enables adventurers to excel in their outdoor pursuits. The products are known for their minimalist design, sleek and streamlined aesthetic, highest-quality craftsmanship with special construction and durability to withstand the rigors of extreme outdoor adventures. Arc’teryx has been shaped by the Canadian Coast Mountains where its headquarters are located, a remote area with challenging terrain that provides the perfect environment for the brand to test products in real-world conditions. We believe this resource allows the team to create some of the best-fitting, longest-lasting, and highest-functioning technical products with unrivaled performance at the point of extreme need. Arc’teryx’s product offering includes technical outdoor apparel, footwear and accessories, including climbing gear. Rush Jacket Shell Jacket Conduit Down Jacket Norvan 4 Nivalis GTX Mountain Running Shoes Alpha SL 30 Backpack 60 Table of Contents Peak Performance Born in the Swedish mountain resort of Åre out of a love for skiing, Peak Performance designs outerwear and apparel with one purpose: to bring the freeride spirit to the world. The products are designed with style at the forefront and technicality at the core, to empower the adventurous and equip them to follow their own line. Outdoor Performance Salomon Born in the French Alps in 1947, Salomon is the modern mountain sports lifestyle brand. Salomon creates premium footwear, apparel, gear and winter sports equipment that focuses on superior design and function. The brand’s success in winter sports propelled it to diversify into other outdoor sports, namely trail running, road running and hiking. Today, Salomon is one of the global leading trail running brands with athlete success at all levels of the sport. Their footwear is widely recognized for its durability, functionality and performance. Salomon’s products are conceived by highly experienced and expert engineers, designers and athletes in its Annecy Design Center in France. Salomon’s product offering includes hiking and running footwear, functional apparel, skiing and snowboarding gear and lifestyle footwear. S/LAB ULTRA 10 Running Vest S/LAB Pulsar 4 Trail Running Shoes XT-WHISPER Sportstyle Sneakers Aero Blaze 3 GRVL Gravel Running Shoes Atomic Founded in 1955 in the heart of the Austrian Alps, Atomic is one of the largest ski brands in the world by revenue. The brand designs and produces skis used by some of the top competitors in the world across every discipline. From World-Cup racing to the X-Games, Nordic to ski mountaineering to the most demanding backcountry adventures, skiers like Mikaela Shiffrin, Hermann Maier and Chris Benchetler have achieved outstanding victories with Atomic products. In turn, these and many other elite skiers provide feedback from the highest levels of competition and performance to help guide research and development and innovation at Atomic. Through its passion for skiing, with leading quality and technological innovations, the brand drives the sport of skiing forward. Armada Founded in 2002, Armada is a design obsessed, athlete-focused ski brand. Taking inspiration from skateboarding, surfing, and snowboarding, Armada brings a creative, imaginative spirit that turned a community rooted in alpine racing upside down. Armada was founded with a simple goal: build the products and create the culture that embody what skiing will become. 61 Table of Contents Ball & Racquet Sports Wilson Founded in 1914 in Chicago, Illinois, the Wilson brand is a leading manufacturer of high-performance sports equipment, apparel, footwear and accessories, with more than a century of innovation, history and heritage in racquet sports, baseball, softball, football, basketball, volleyball, soccer and golf. Wilson has a legacy as the top-of-the-line sports equipment and is associated with legendary athletes, including Roger Federer and Caitlin Clark, among many others. In addition, professional sports leagues, including the NBA, WNBA, NFL, and two Grand Slam Tennis Championships, as well as NCAA March Madness, use Wilson products for competitions. Wilson has partnered with the NFL for more than 80 years, the NCAA for more than 20 years, and the US Open for more than 45 years. These athletes and leagues add to the credibility and reputation of Wilson’s superior products, make it one of the world’s most recognized and respected brands and contribute to Wilson’s authenticity and leading market positions across sports. Quality and performance are paramount to Wilson’s products, which undergo rigorous testing to ensure durability, reliability and superior performance. Wilson leverages player insights to create products that push equipment and apparel innovation into new territories, empowering athletes at every level to perform at their best. Wilson’s product offering includes sporting equipment for tennis, baseball, American football, basketball, golf, and various other professional and recreational sports, as well as functional athletic apparel. Ultra 100 V5 Tennis Racket A2000 Infield Baseball Glove Midtown Tennis Skirt "The Duke" NFL Football Louisville Slugger For nearly 150 years, Louisville Slugger has been an industry staple as the most iconic brand in bats. The commitment to craftsmanship and innovation the company was founded on in 1884 is stronger than ever, evidenced by our latest cutting-edge designs in wood, alloy, and composite baseball and softball bats. Like countless Hall of Famers before them, today’s biggest stars - including former MVPs, All-Stars and World Series champions - turn to Louisville Slugger when the game is on the line. DeMarini Founded in 1989, DeMarini has grown to become a dominant force in baseball, fastpitch and slowpitch bats - all designed and built in a 60,000 square-foot Hillsboro, Oregon factory. Rooted in the insane dedication to performance mantra coined by founder Ray DeMarini, the brand has been constantly pushing the limits of innovation for more than three decades. EvoShield Founded in 2006, EvoShield offers custom-fitting protective gear, designed around groundbreaking Gel-to-Shell® Technology that helps keep baseball, softball, football and lacrosse players on the field all season long. From custom uniforms to practice and fan gear, the brand’s growing apparel line is built for ballplayers and helps teams rep their look all year, on and off the field. ATEC As the Official Training Equipment Supplier of Major League Baseball, ATEC helps baseball and softball coaches everywhere elevate their training and maximize the time they get with their players. Founded in 1971 in Nevada, ATEC offers a full line of training machines, tees, balls and more - everything coaches need to take practice to the next level. 62 Table of Contents Sustainability At Amer Sports, our vision is to become the global leader in premium sports and outdoor brands. Sustainability is integral to achieving this vision. We are committed to creating a positive impact on people and the planet while protecting stakeholder value and advancing the United Nations Sustainable Development Goals (SDGs) as participants of the United Nations’ Global Compact. Our sustainability strategy is integrated into everything we do, from design to supply chain to sales, always centered on our customers. We are committed to reducing environmental impact, ensuring social compliance in the entire value chain, and maintaining strong governance practices. This strategy is informed by a double materiality assessment, ensuring we address topics most significant to both our business and stakeholders, guiding both our actions and our reporting. In 2025, we conducted a comprehensive double materiality assessment, considering both impact and financial materiality, considering company strategy, stakeholder input, regulatory requirements, and industry benchmarks. The results guide our priorities, target-setting, and reporting. The material topics identified are related to Own Workforce, Workers in the Value Chain, Climate Change, Business Conduct, Pollution, Circular Economy, and Consumers and End-users. Based on the updated assessment, we are revisiting targets in 2026. We continue to progress against existing commitments, including Amer Sports’ science-based targets validated by the Science Based Targets initiative (SBTi) in 2025. These include achieving net zero emissions across the value chain by 2050, as well as near-term goals for 2030. Beyond net zero, we are working toward other key goals, such as, but not limited to, sourcing 100% renewable electricity by the end of 2027, ensuring 70% of waste in own operations and Tier 1 is recycled or reused by 2030, and advancing workforce diversity with targets of 50% women in the workforce and at least 45% in people manager roles by 2030. Additionally, as a member of the Fair Labor Association (“FLA”) we are committed to upholding human rights and driving long-term improvements through training and education, worker engagement, and integration into sourcing practices. To ensure accountability and effective execution, we have established a robust governance structure. The Nominating and Corporate Governance Committee of the Board has ultimate responsibility for sustainability oversight. Our SVP of Sustainability is a member of the Global Leadership Team, ensuring alignment with corporate strategy. Operationally, the Group Sustainability team collaborates with Brand Sustainability teams through regular engagement and dedicated working groups, such as the Climate Working Group, to drive day-to-day implementation. Our sustainability disclosures align with leading global standards and frameworks, including the Greenhouse Gas Protocol for emissions accounting and we’re working towards aligning to the European Sustainability Reporting Standards (ESRS). We are strengthening internal controls and data validation processes to ensure accuracy and reliability of sustainability information. Despite the evolving regulatory landscape, we continue to obtain voluntary limited assurance over our entire sustainability report, including Scope 1, 2, and 3 emissions. Amer Sports remains committed to continuous improvement and transparent reporting as we advance our sustainability strategy and deliver on our ambition to think bigger, go further, and be better. Supply Chain Our supply chain is built on the belief that premium products require thoughtful craftsmanship. Our global supply chain organization is responsible for the operational planning, manufacturing, sourcing and distribution of products to our customers. We pride ourselves on delivering high-quality apparel, footwear, equipment, protective gear and accessories to our global community of consumers, while working to maintain high standards for labor practices and workplace conditions and decreasing the environmental impact of our supply chain. 63 Table of Contents Sourcing and Manufacturing We believe the combination of our owned and sourced manufacturing across different geographic regions provides a well-balanced, flexible approach to product procurement. Since our ownership transition in 2019, we have adapted our sourcing practices and supply chain to align with our brand-direct operating model, optimizing our supply chain to provide our brands with a higher degree of autonomy over their individual sourcing and supply chain needs. Sourcing, including vendor selection, is now carried out at the brand level, enabling our brands to be more nimble in their supply chain decision-making. In order to maintain the synergistic benefits of the Company’s scale and consistency to group strategy and standards, back-office services, sustainability, oversight, compliance and quality control continue to be carried out by the Company’s global sourcing team, including relevant human resources, finance and IT services. To further leverage our diversified setup and scale, we develop and facilitate communications across all brands, in the areas of quality control, sustainability, supply chain management and materials sourcing. This dynamic allows us to have oversight over the various brands, promoting and managing adherence to our Code of Conduct, while realizing cost savings from both a scale and operational perspective. In 2025, approximately 86% of our products were sourced from a network of third-party strategic suppliers, with approximately 68% of such products sourced from Asia Pacific, approximately 28% from Greater China, approximately 3% from the Americas, and approximately 2% from EMEA. We have a diversified sourcing network, with no single Tier 1 supplier accounting for more than approximately 15% of total supply in 2025. Our sourced manufacturing agreements are generally on a fixed-price purchase order basis which renew annually. Several of our products, mainly hard goods, such as ski, ski boots and bindings, baseball bats and baseballs, are produced at owned manufacturing facilities in the United States, Canada and Europe. We source the raw materials for our owned manufacturing on generally the same terms as our contracts with sourced manufacturers. We have multiple sources for most of our materials and components of our products, but rely on a small number of sole source suppliers, such as for Gore-Tex, which is used in our Arc’teryx, Salomon, Peak Performance and Atomic products. Key raw materials used in our supply chain include synthetic fabrics and natural products, including blend fabrics, nylon, polyester, down and cotton, as well as plastics, rubber, carbon and metals. In making decisions about the location of suppliers and manufacturing operations, we consider a number of factors including the raw material source, the final destination, production lead times, transport lead times, labor cost, product complexity, the ability to pursue upside demand, as well as geopolitical risks and developments related to duties, tariffs and quotas. We also seek out alternative suppliers and manufacturers in order to manage concentration risk and develop contingency plans for responding to disruptions. Where possible, we use at least two suppliers for a given product to reduce supply risk and to promote competition among suppliers on the basis of cost and quality. In peak seasons, our supply chain operations in owned warehouses & manufacturing facilities employ over 3,000 employees, including approximately 300 contract workers. As many of our brands are shifting quickly to a higher DTC mix, the agility and speed of our supply chain has become an increasingly important competitive factor to our business, as we are more and more becoming the final step between our products and the end consumer. Distribution Products are shipped from our owned and sourced manufacturing facilities to distribution centers around the world. Our extensive distribution network, consisting of third-party as well as Amer Sports owned and leased distribution centers, is shared between the brands, allowing each of them to leverage warehouses globally. We directly operate 9 of our 22 distribution centers, and we carefully determine the remaining third-party contracted centers depending on our presence in the region. Our distribution centers are strategically located to provide speed and service to our consumers at efficient costs and are supported by a transportation network built on a set of core-carriers for sea, land and air-transport, under defined service-level agreements. We believe that the benefits from operating our supply chain on a group level, as opposed to the brand level, deliver significant cost savings while maintaining high service levels. 64 Table of Contents Marketing Our brands’ advertising and marketing functions focus on differentiating their individual positioning and highlighting product qualities, while creating globally unified messaging with appropriate regional nuances in order to maximize brand recognition, and drive demand from initial end consumer awareness to long-term loyalty. Our brands are continuing to develop integrated, multi-channel marketing strategies designed to effectively reach their target consumers. Each brand pursues this strategy through the use of a variety of media channels, including both traditional media channels as well as digital media channels such as display, online video, social media, paid search and influencers, along with engagement with brand ambassadors, including partnerships with professional athletes and professional sports leagues. Our brands also pursue a variety of “grass roots” initiatives to build community engagement leading to interest and word-of-mouth marketing. In addition, by leveraging insights across product offerings, we seek to understand how consumer behavior and expectations are changing. Our brands employ marketing analytics to optimize the impact of advertising and promotional spending and continuously evolve their brand messaging to ensure that they drive relevance with consumers. Certain brands also participate in cooperative advertising on a shared cost basis with wholesale partners in traditional and digital, including by providing advertising support in the form of point-of-sale fixtures and signage to enhance the presentation and brand image of products. Our brand websites are also designed to enhance consumer understanding of our product offering and help consumers find and buy our products. Each brand employs a support team that is responsible for customer service at the consumer level as well as a sales force that manages our customer relationships. Technology Infrastructure We continue to seek to strengthen our global technology foundation through a unified and modernized IT infrastructure that is designed to support the scale, security and operational needs of our multi-brand portfolio. Group IT operates under a centralized governance model with teams located across key brand and regional hubs, ensuring consistent standards while supporting local business requirements. Our core architecture is anchored by a global SAP ERP environment, supported by a multi-year modernization program, including the ERP platform upgrade. We continue to expand cloud-based and modular platforms to support our DTC and wholesale growth, while enabling brands to deploy business-specific applications within a unified integration and data framework. We seek to enhance our cybersecurity capabilities through strengthened identity and access management, network security, and compliance controls. Our enterprise data initiatives focus on improving data quality, governance and accessibility through a unified data catalog, clearer data ownership, and expanded analytics platforms to support decision-making. These investments aim to provide a secure, scalable and efficient technology foundation that supports operational continuity and the growth strategies of our brands. Competition The markets in the sports and outdoor industry are highly competitive and fragmented. They include increasing competition from established companies who are expanding their production and marketing of performance products, as well as from frequent new entrants to the market. Given the breadth of our portfolio and global footprint, we compete with a broad set of competitors that include Moncler, Canada Goose, Lululemon Athletica, On Running, Hoka, The North Face, and Babolat, in their respective categories. Competition in the sports and outdoor industry is principally centered on the basis of brand image and recognition, product quality, innovation, design, sustainability, distribution and price. We believe that we successfully compete on the basis of premium products and our clear focus on the consumer, as well as our technical innovation. See “Item 3. Key Information—D. Risk Factors” for additional information on our competitive risks. 65 Table of Contents People and Culture Amer Sports employees share a passion for sports, united by our purpose of elevating the world through sport. We believe our people’s connection to sporting and outdoor activities is a key advantage, helping us to understand the needs of consumers and athletes globally and driving a performance-driven culture rooted in our values: Always authentic, Better together, Committed to impact, and Driven to excellence. Our company strategy, as it relates to human resources and relationships with our employees, which we refer to as our People Mission, is to drive our brands’ success by unlocking the potential of our people and culture to be the global leader in the sporting goods industry. Our People Mission focuses on three pillars: •Best people: Our aim as an employer is to be the destination portfolio company and a top incubator of talent in the sports and outdoor industry. ◦Great engagement: Creating exceptional employee experiences and a culture that encourages high level of engagement. We enable this through anchoring our shared purpose and values, a dynamic feedback culture, as well as strong development programs and opportunities. ◦Superior performance: Aspiring to drive results through performance excellence, incentives, and rewards that recognize individual achievement and team success. Human Resources Our human resources function follows our brand-direct operating model, whereby the brands have autonomy to drive their individual resource plans in alignment with their brand strategies. The brand-level functions are supported by a group-level human resources function that provides technological and capability program scale and efficiency, reporting capabilities, and overall governance, such as the compensation framework and plans. The brands also benefit from shared human resources services across all regions, which allow them to operate efficiently across the world and ensure compliance with local laws and regulations and with operational activities such as payroll administration. Capability and Culture In recent years, Amer Sports has concentrated on building capabilities across the Company. In 2025, we have continued strengthening our presence across the regions. We have focused on elevating functional capabilities in our commercial functions of product, marketing and sales. Additionally, we continued our transformations in Finance and IT. Our capability and resource planning are guided by an annual process called the Strategy, Structure, and Capability Review (SSCR). This process seeks to ensure that we have the necessary capabilities across our brands and group functions to execute both our short- and long-term strategic plans. We align the development ambition of our people with the execution of our growth strategy. We have also sought to strengthen capability throughout the Company across levels in our brands and functions, with over 6,000 new hires in the past two years. In addition, we have made significant efforts to facilitate learning and development across the company, including through a modern learning management system and leadership development programs within our brands, as well as a group-wide Leadership Academy developed in 2025, which will be delivered in 2026. Leadership Academy is a six-month program in partnership with one of the world’s leading executive education universities that will accelerate all of our senior executives over the coming years. Importantly, we have focused on the succession and development of our most senior roles by forming, with our Executive Committee, a talent council focused on developing a pipeline of talent for the most critical senior positions. We believe that engagement needs to be built on a strong understanding and commitment to a shared purpose and values, which we continue to anchor across our global organization. We utilize a state-of-the-art employee engagement survey platform that allows us to regularly and flexibly survey engagement and understand gaps to address them in a systematic way based on scientifically tested drivers of engagement, inclusion, and well-being. We strive to provide a workplace that is inclusive, engaging, and offers opportunities for growth. We are committed to continuing to promote diversity in the workplace, which reflects the global environment in which we operate. Through our ongoing encouragement of a workplace environment where inclusion is valued, we believe we can better serve our consumers and our organization. We continue to believe that different ideas, perspectives, and backgrounds create a stronger and healthier culture and contribute to superior performance. 66 Table of Contents We are also committed to creating an ethical workplace and community, and we always strive to improve. All of our employees are trained in and subject to our company Code of Conduct, which describes how we all put our values into practice every day and sets the standard for the conduct expected by all Amer Sports employees. Further, we expect our entire value chain, from our own operations to our sourcing partners, to adhere to international standards for human and labor rights. We have been a member of the internationally recognized FLA since June 2020, and our vendor sustainability team monitors the labor practices of our Tier 1 suppliers, seeking to ensure they meet the requirements set out in our supplier code of conduct. Intellectual Property Our long-term commercial success depends, in part, on our ability to obtain, maintain, protect and enforce our intellectual property rights in our brands, designs, technologies, proprietary information and processes, preserve the confidentiality of our trade secrets, operate our business without infringing, misappropriating or otherwise violating the intellectual property rights of third parties and prevent third parties from infringing, misappropriating or otherwise violating our intellectual property rights. We seek to protect our investment in the development of our brands, designs, technologies, proprietary information and processes, and trade secrets by relying on a combination of patent, trademark, copyright, design, and trade secret laws, in addition to confidentiality procedures and contractual provisions. We rely on our trademarks and related domain names and logos to market our brands and to build and maintain brand loyalty and recognition. As of December 31, 2025, we owned approximately 6,200 trademark registrations, and approximately 1,100 trademark applications, across over 120 different jurisdictions, including the United States, the EU, the PRC, Japan and other major markets. These trademarks include, among others, our principal brands of Arc’teryx, Salomon, Wilson, Peak Performance, Atomic, Armada, Louisville Slugger, DeMarini and EvoShield, and their related logos. The current registrations of these trademarks are effective for varying periods of time and may be renewed periodically, provided that we, as the registered owner, comply with all applicable renewal requirements including, where necessary, the continued use of the trademarks in connection with similar goods and services. In addition to our trademarks, as of December 31, 2025, we owned approximately 800 domain name registrations, including Arcteryx.com, Salomon.com, Wilson.com, Peakperformance.com, Atomic.com, Armadaskis.com, Slugger.com, Demarini.com and EvoShield.com. However, despite our efforts to obtain, maintain, protect and enforce our trademarks, there can be no assurance that these protections will be available in all cases, and our trademarks may be challenged, infringed, misappropriated, circumvented, otherwise violated, declared generic, determined to be dilutive of or infringing on other trademarks or may lapse. The occurrence of any of these events could result in the erosion of our brands and limit our ability to market our brands, as well as impede our ability to effectively compete against competitors with similar products or technologies. As of December 31, 2025, we owned approximately 460 issued U.S. patents (including design patents), 140 pending U.S. patent applications (including design applications), 1,000 issued foreign patents (including design registrations), and 130 pending foreign patent applications (including design applications) relating to technologies, components, materials, features, functionality, and industrial and aesthetic designs used in and for the manufacture of our products. The term of individual patents and design registrations depends upon the legal term for patents and design registrations in the countries in which they are granted. In most countries, including the United States, the patent term is 20 years from the earliest claimed filing date of a non-provisional patent application in the applicable country. In the United States, the term of a design patent is 15 years from the date of grant of the patent, and the term of a similar design registration in foreign jurisdictions may vary. Additionally, in the United States, a patent’s term may, in certain cases, be lengthened by patent term adjustment, which compensates a patentee for administrative delays by the United States Patent and Trademark Office in examining and granting a patent. It may also be shortened if a patent is terminally disclaimed over a commonly owned patent or a patent naming a common inventor and having an earlier expiration date. We cannot be sure that our pending patent applications that we have filed or may file in the future will result in issued patents in any jurisdiction, and we can give no assurance that any patents that have been issued or might be issued in the future will protect our current or future products, will provide us with any competitive advantage, and will not be challenged, invalidated, or circumvented. 67 Table of Contents We seek to control access to and use of our designs, technologies, trade secrets, proprietary information and processes, and other confidential information through the use of internal and external controls, and through the inclusion of contractual protections in agreements with employees, contractors, customers and partners. While we seek to enter into confidentiality, intellectual property assignment and non-compete agreements, as applicable, with our employees, contractors and other third parties, we may fail to enter into such agreements with all relevant parties, such agreements may not be self-executing, may be breached, and might not be completely enforceable. As a result, we may not be able to meaningfully protect our trade secrets. Moreover, we may be subject to claims that such parties have misappropriated the trade secrets or other intellectual property or proprietary rights of their former employers or other third parties. For more information regarding the risks related to our intellectual property, see “Item 3. Key Information—D. Risk Factors—Risks Related to Our Intellectual Property and Information Technology.” Government Regulations In the United States, EU and the other jurisdictions in which we operate, we are subject to, laws governing advertising and product labeling, environmental, health and safety, ESG laws and regulations, data privacy and security laws, rules and regulations, antitrust and competition laws and labor and employment laws, among others. Our products, which are predominantly manufactured in countries other than the United States and which are shipped into over 100 countries across the world, may be subject to tariffs, treaties, and various trade agreements, as well as laws affecting the importation of consumer goods. It is our policy and practice to comply with all government regulations applicable to our business. The process of complying with applicable federal, state and local regulations in the United States and around the world may be complex, time consuming and costly. In addition, the global regulatory landscape is subject to rapid and unexpected changes, some driven by geopolitical influences, and there has been a general trend toward increasingly stringent regulation and enforcement around the world in recent years. New or more stringent laws or regulations, more restrictive interpretations of existing laws or regulations, court practices or increased enforcement actions by governmental and regulatory agencies around the world could increase our ongoing costs of compliance, alter the environment in which we do business or otherwise adversely affect our business. If we fail to comply with any new or existing laws or regulations, we may be required to pay damages, cease advertising or promotional activities, alter our products or marketing materials, cease selling certain products and possibly face fines, corrective measures or other types of sanctions. Furthermore, as we continue to expand our global operations, we may be required to comply with market-specific laws and regulations, including by obtaining approvals, licenses or certifications from a particular country’s regulators. Failure to obtain these approvals, licenses or certifications or comply with these laws or regulations could impede our growth prospects and otherwise adversely affect our business, results of operations or financial condition. For additional information about risks associated with government regulations, see “Item 3. Key Information—D. Risk Factors—Risks Related to Litigation and Regulation.” Advertising and Labeling The Federal Trade Commission (the “FTC”) regulates the use of endorsements and testimonials in advertising as well as relationships between us, on the one hand, and advertisers and influencers, on the other hand, pursuant to principles described in the FTC’s Guides Concerning the Use of Endorsements and Testimonials in Advertising (the “Endorsement Guides”). The Endorsement Guides provide that an endorsement should reflect the honest opinion of the endorser and cannot be used to make a claim about a product that the product’s marketer could not itself legally make. The Endorsement Guides also stipulate that, if there is a connection between an endorser and the marketer that consumers would not expect and this connection would affect how consumers evaluate the endorsement, then that connection should be disclosed. Although the Endorsement Guides are advisory in nature and do not operate directly with the force of law, they provide guidance about what the FTC staff generally believes the Federal Trade Commission Act (the “FTC Act”) requires in the context of using endorsements and testimonials in advertising. Any practices inconsistent with the Endorsement Guides can result in violations of the FTC Act’s proscription against unfair and deceptive practices. If our advertising claims or claims made by our social media influencers or by other endorsers with whom we have a material connection do not comply with the Endorsement Guides or any requirements of the FTC Act or similar state requirements, then the FTC and state authorities could subject us to investigations and enforcement actions, impose penalties, require us to pay monetary consumer redress, require us to revise our marketing materials or require us to accept burdensome injunctions, any of which could adversely affect our business, results of operations or financial condition. Furthermore, the National Advertising Division (“NAD”) of the Better Business Bureau administers a self-regulatory program of the advertising industry to ensure truth and accuracy in national advertising. NAD monitors national advertising and entertains inquiries and challenges from competitors and consumers. 68 Table of Contents We may also be subject to various state consumer protection laws, including California’s Proposition 65, which requires a specific warning on any product that contains a substance listed by California as having been found to cause cancer or birth defects, unless the level of such substance in the product is below a safe harbor level. Many countries and markets outside the United States have similar, and sometimes more stringent, regulations of advertising practices. For example, in the EU, advertising of products is subject both to general consumer advertising requirements pursuant to the Unfair Commercial Practices Directive (Directive 2005/29/EC), which imposes a general prohibition on misleading and aggressive advertising and in the PRC, the Advertising Law regulates advertising and puts similar restrictions on such activities. Environmental, Health and Safety Federal, state and local authorities in the United States, as well as comparable authorities around the world, enforce a broad range of environmental, health and safety laws and regulations in the jurisdictions in which we and our third-party suppliers manufacture and sell our products or otherwise operate our business. These include requirements governing product content and labeling, worker health and safety, the handling, manufacture, transportation, storage, use and disposal of chemicals and other hazardous materials and wastes, the discharge and emission of pollutants and the cleanup of contamination in the environment. We could incur substantial costs, including civil or criminal fines or penalties, enforcement actions and other third-party claims and cleanup costs as a result of our failure to comply with, or liabilities under, such laws and regulations or permits required thereunder. Under certain environmental laws and regulations, we may be subject to liability for environmental investigations and cleanups, including at properties that we currently or previously owned or operated, or at sites at which waste we generated was disposed, even if the contamination was not caused by us or the relevant conduct was legal at the time it occurred. We are addressing contamination from historical operations in the United States that has been identified at certain of our current or former properties. The ultimate cost at such sites is difficult to accurately predict and we may incur significant additional costs as a result of the discovery of contamination or the imposition of additional obligations (including in connection with expansions or renovations of our facilities) at these or other sites in the future. We also are subject to extensive and evolving regulations regarding the manufacturing, processing, distribution, importing, exporting and labeling of our products and their raw materials. In the EU, the Registration, Evaluation, Authorization and Restriction of Chemicals (“REACH”) regulations came into effect in 2007, with implementation rolling out over time. Registered chemicals then can be subject to further evaluation and potential restrictions. Since the promulgation of REACH, other countries have enacted or are in the process of implementing similar comprehensive chemical regulations. In addition, California’s Proposition 65 requires companies to place warnings on products sold in California that contain one of approximately 900 chemicals known to the state of California to cause cancer, birth defects or other reproductive harm. The California state attorney general, as well as private citizens, can file lawsuits against companies for alleged failure to comply with Proposition 65; from time to time, we have received such lawsuits regarding certain of our products. Our operations are also subject to regulation in the United States under federal, state and local occupational health and safety standards, as well as occupational health and safety standards applicable to our operations in other jurisdictions. These standards establish certain employer responsibilities, including requirements to maintain a workplace free of recognized hazards likely to cause serious injury or death, certain medical and hygiene standards, licensing and permitting obligations and various recordkeeping, disclosure and procedural requirements. Our facilities and operations may be subject to periodic inspections by the Occupational Safety and Health Administration representatives and comparable authorities in other jurisdictions. Failure to comply with applicable occupational health and safety standards, even if no work-related serious injury or death occurs, could result in civil or criminal enforcement and substantial penalties, significant capital expenditures or suspension or limitation of our operations. 69 Table of Contents Sustainability Federal, state or local governmental authorities in various countries have adopted or proposed, and are likely to continue to propose, legislative and regulatory initiatives regarding the management of sustainability-related topics, or disclosures on such matters. For example, we may be subject to the disclosure requirements of the EU’s Corporate Sustainability Reporting Directive (and its implementing laws and regulations) and other EU directives or EU and EU member state regulations, the International Sustainability Standards Board’s sustainability and climate disclosure standards, various disclosure requirements (such as greenhouse gas metrics, climate risks, use of offsets, and emissions reduction claims) from the State of California, among other regulations or requirements; these regulations and requirements may not entirely align and thus require us to duplicate certain or make different efforts or use different reporting methodologies in order to comply with each jurisdictions’ requirements. Separately, various regulators have adopted, or are considering adopting, regulations on environmental marketing claims, including but not limited to the use of “sustainable,” “eco-friendly,” “organic,” “recyclable” or similar language in product marketing. There are also increasing regulations on the provenance, composition, or production methods of products to reflect environmental and/or social concerns, which may require us to change our suppliers, disrupt our business operations, incur additional compliance costs or otherwise impact our reputation, operations or financial condition. Conversely, “anti-ESG” sentiment has recently gained momentum across the U.S., with several states and Congress having proposed or enacted “anti-ESG” policies, legislation, or initiatives, and the President having recently issued an executive order opposing DEI initiatives in the private sector. Data Privacy and Security We are subject to increasingly complex and changing laws, directives, industry standards, rules and regulations, as well as contractual obligations, related to data privacy and security in the United States and around the world that impose broad compliance obligations on the collection, transmission, handling, dissemination, use, privacy, confidentiality, security, retention, availability, integrity and other processing of personal information. In the United States, various federal and state regulators, including governmental agencies like the FTC, have adopted, or are considering adopting, laws, rules and regulations concerning personal information and information security and have prioritized privacy and information security violations for enforcement actions. Certain state laws may be more stringent or broader in scope, or offer greater individual rights, with respect to personal information than federal, international or other state laws, and such laws may differ from each other, all of which may complicate compliance efforts. For example, we are subject to the CCPA, which imposes obligations on covered companies that process the personal information of California residents. Among other things, the CCPA requires covered companies to provide certain disclosures to California residents regarding data privacy and security, and provides California residents with data protection and privacy rights, including the ability to opt out of the sale or certain sharing of their personal information, and to request the deletion of their personal information (subject to certain exceptions). The CCPA provides a private right of action for certain data breaches that result in the loss of personal information as well as for civil penalties with enforcement capabilities for both the California Attorney General and the state agency that was created under the CPRA. The enactment of the CCPA and other state privacy, data protection and cybersecurity laws, rules and regulations is prompting a wave of similar legislative developments in other states in the United States, which creates the potential for a patchwork of overlapping but different state laws. Numerous other states also have enacted, are in the process of enacting or are considering comprehensive state-level data privacy and security laws and regulations that share similarities with the CCPA. In addition, laws in all 50 states in the United States require businesses to provide notice to consumers (and, in some cases, to regulators) whose personal information has been accessed or acquired as a result of a data breach. State laws are changing rapidly and there is discussion in Congress of a new comprehensive federal data protection law to which we would become subject if it is enacted. 70 Table of Contents We are also subject to international laws, rules, regulations and standards in many jurisdictions, which apply broadly to the collection, use, handling, retention, security, disclosure, transfer and other processing of personal information. For example, in the EEA, we are subject to the EU GDPR and, following the UK’s exit from the EU, we are subject in the UK to the UK GDPR. The EU GDPR and UK GDPR impose strict compliance obligations with respect to our ability to collect, use, handle, retain, protect, disclose, transfer and otherwise process personal information, including a principal of accountability, the obligation to demonstrate compliance through policies, procedures, training and audits, and the requirement to appoint data protection officers when special categories of personal information, such as health data, are processed on a large scale. Noncompliance with the EU GDPR and UK GDPR may lead to fines for certain violations of up to €20 million or £17.5 million, respectively, or 4% of total worldwide annual turnover of the preceding financial year, whichever is higher. However, there has been increasing divergence in application, interpretation and enforcement of the data protection laws between the EU and the UK. For example, the UK’s Data (Use and Access) Act of 2025, which makes several modifications to the UK GDPR, received Royal Assent in June 2025, and implementation began in August 2025. Such modifications cause the UK’s data privacy law to deviate from that of the EU, and permit further deviations in the form of regulatory guidance or secondary legislation. In addition, the UK GDPR will not automatically incorporate future changes to be made to the EU GDPR (such changes would need to be specifically incorporated by the UK government), which creates a further risk of divergent parallel regimes and related uncertainty. On June 28, 2021, the European Commission announced an adequacy decision concluding that the UK ensures an equivalent level of data protection to the EU GDPR, which provides some relief regarding the legality of continued personal information flows from the EEA to the UK. This adequacy determination was renewed in 2025 and will automatically expire in December 2031 unless the European Commission renews or extends it and it may be modified or revoked in the interim. We cannot predict how the UK GDPR and other UK privacy and information security laws, rules or regulations may develop, including as compared to the EU GDPR, nor can we predict the effects of divergent laws and related guidance. The EU GDPR and UK GDPR also impose strict rules on the transfer of personal information to countries outside of the EEA and the UK. Legal developments in Europe have created further complexity and uncertainty regarding such transfers, in particular in relation to transfers to the United States. On July 16, 2020, the Court of Justice of the European Union (“CJEU”) invalidated the EU-US Privacy Shield Framework, or Privacy Shield, under which personal information could be transferred from the EEA (and the UK) to relevant self-certified United States entities. The CJEU further noted that reliance on the standard contractual clauses (a standard form of contract approved by the European Commission as an adequate personal information transfer mechanism and potential alternative to the Privacy Shield) alone for transfers of personal information outside the EEA (and the UK) may not necessarily be sufficient in all circumstances, and that transfers must be assessed on a case-by-case basis. On July 10, 2023, the European Commission adopted its adequacy decision for the EU-US Data Privacy Framework (the “EU-US DPF”) (a new framework for transferring personal information from the EEA to the United States), having determined that the EU-US DPF ensures that the protection of personal information transferred from the EEA to United States companies participating in the EU-US DPF will be comparable to the protection offered in the EU. However, this decision will likely face legal challenges and ultimately may be invalidated by the CJEU just as the Privacy Shield was. In addition, on October 12, 2023, the UK-US Data Bridge went into effect to operate as an extension of the EU-US DPF to enable the transfer of personal data between the UK and certified entities in the United States. Such Data Bridge could not only be challenged, but also may be affected by any challenges to the EU-US DPF. As a result of changes in the laws, rules and regulations governing cross-border transfers of personal information, we have had to make, and continue to make, certain operational changes, conduct assessments of our data transfer policies and procedures, and update and implement revised standard contractual clauses and other relevant documentation and measures for intragroup, customer and vendor arrangements requiring transfers of personal information outside the EEA and the UK, including to the United States, within required time frames. We may be adversely impacted as the enforcement landscape further develops, and supervisory authorities issue further guidance on international data transfers. Moreover, in the EEA and the UK, national laws transposing the ePrivacy Directive require opt-in consent to place non-essential cookies or tracking technologies on an individual’s device and for direct electronic marketing. In the EEA and the UK, consent must be obtained in accordance with the requirements of the EU GDPR and the UK GDPR, respectively. These requirements include a prohibition on using pre-checked boxes and a requirement to ensure separate consents are sought for each type of non-essential cookie or tracking technology. Recent EEA court and regulatory decisions are driving increased attention on cookies and tracking technologies. For example, regulators and courts are increasingly active as a result of actions by NOYB (a not-for-profit privacy activist group), that has issued over 700 draft complaints to European website operators regarding their cookie banners and subsequently referred over 650 complaints to relevant national regulators, noting it aims to seek enforcement on up to 10,000 websites in Europe. 71 Table of Contents In addition to the data protection laws in the United States, the EEA, the UK and various other jurisdictions in which we operate, we are also subject to the PRC’s data protection laws. Under the PRC’s Cybersecurity Law, any collection, use, transfer or storage of personal information of an individual through a network by the network operator should be based on the three principles of legitimacy, justification and necessity and requires the consent of the data subject. The rules, purposes, methods and ranges of such collection should also be disclosed to the data subject. The PRC’s Cybersecurity Law requires operators of CIIOs to store personal information and important data collected and generated from the critical information infrastructure within the PRC. On September 14, 2022, CAC, the PRC’s top cybersecurity regulator, released new amendments to the PRC’s Cybersecurity Law for public consultation and if the amendments are passed, the amended law will increase the penalties for violations of cybersecurity obligations under the Cybersecurity Law, in line with those under the Data Security Law and PIPL. Building on this, the PRC’s Data Security Law became effective on September 1, 2021. The primary purpose of the Data Security Law is to regulate data activities, safeguard data security, promote data development and usage, protect individuals and entities’ legitimate rights and interests, and safeguard state sovereignty, state security and development interests. The Data Security Law applies extraterritoriality, and to a broad range of activities that involve “data” (not only personal or sensitive data). Under the Data Security Law, entities and individuals carrying out data activities must abide by various data security obligations. For example, the Data Security Law proposes to classify and protect data based on the importance of data to the state’s economic development, as well as the degree of harm it will cause to national security, public interests, or legitimate rights and interests of individuals or organizations when such data is tampered with, destroyed, leaked, or illegally acquired or used. The appropriate level of protective measures is required to be taken for each respective class of data. The Data Security Law also echoes the data localization requirement in the Cybersecurity Law and requires important data to be stored locally in the PRC. Such important data may only be transferred outside of the PRC subject to compliance with certain data transfer restrictions, such as passing a security assessment organized by the relevant authorities. Additionally, on August 20, 2021, the PRC announced the PIPL, which took effect on November 1, 2021. The PIPL is intended to clarify the scope of application, the definitions of personal information and sensitive personal information, the legality of personal information processing and the basic requirements of notice and consent, among other things. The PIPL also sets out data localization requirements for CIIOs and personal information handlers who process personal information above a certain threshold prescribed by the relevant authorities. The PIPL also includes a list of rules which must be complied with prior to the transfer of personal information outside of the PRC, such as compliance with a security assessment or certification by an agency designated by the relevant authorities or entering into standard form model contracts approved by the relevant authorities with the overseas recipient. Notably, the PIPL, similar to the EU GDPR, applies extraterritorially. On July 7, 2022, the CAC issued Security Assessment Measures for Outbound Data Transfers, which became effective on September 1, 2022. The Security Assessment Measures for Outbound Data Transfers clarifies the security assessment requirement under the PIPL and requires a data handler to apply for the security assessment organized by the CAC under any of the following circumstances before the information is transferred outbound: (i) where a data handler provides important data overseas, (ii) critical information infrastructure operator and personal information handlers who process more than 1 million individuals’ personal information; (iii) where a data handler has cumulatively provided personal information of over 100,000 individuals or sensitive personal information of over 10,000 individuals in total abroad since January 1 of the previous year. Additionally, on November 18, 2022, the CAC and the State Administration of Market Regulation issued the Implementation Rules for Personal Information Protection Certification which apply with immediate effect and which provide important guidance on obtaining a personal information certification for lawful cross-border transfer of personal information under the PIPL. The CAC published the Measures on Standard Contract for Cross-border Transfer of Personal Information, which became effective on June 1, 2023, and the Guidelines on Filing the Standard Contract for the Export of Personal Information on February 24, 2023 and May 30, 2023, respectively. These provide important guidance on relying on the standard contract for transferring personal information out of the PRC and on its filing requirement. As a result of changes in the cross-border data transfer landscape, we have had to and continue to review our existing data protection compliance framework, conduct data mapping exercises, obtain relevant separate consents from individuals, apply for a security assessment with the CAC and enter into standard contracts with our overseas affiliates for transfers of personal information outside of the PRC. 72 Table of Contents In addition to the PRC’s Cybersecurity Law, the Data Security Law and the PIPL, the relevant government authorities of the PRC promulgated several regulations or released a number of draft regulations for public comments which are designed to provide further implemental guidance in accordance with the laws mentioned above. For example, the CAC released for public consultation the draft measures for certification of personal information protection for cross-border transfer of personal information, which represents the final piece of CAC’s regulatory framework concerning the three routes for legitimizing cross-border data transfers. We cannot predict what impact the new laws and regulations or the increased costs of compliance, if any, will have on our operations in the PRC, in particular the Data Security Law or PIPL, or the increased costs of compliance, if any, will have on our operations in the PRC due to their recent enactment and the limited guidance available, particularly on PIPL, which entities are awaiting further guidance on, particularly on the scope of data localization requirement. It is also generally unclear how the laws will be interpreted and enforced in practice by the relevant government authorities. In addition to the PRC’s cybersecurity and privacy laws, several other APAC countries have published or enacted new privacy and cybersecurity laws, or have updated their existing laws to reflect global privacy and cybersecurity legislation developments. For example, Australia passed the Privacy and Other Legislation Amendment Bill 2024 (the Privacy Act Bill) on November 29, 2024, which amends Australia’s former Privacy Act 1988 and introduces privacy mechanisms such as sanctions for privacy breaches (up to the greater of AUD 50 million, three times the benefit of a contravention, or 30% of annual turnover), requirements to include more detailed information on use of automated decision making, and introduction of equivalence decisions to facilitate cross-border data transfers. Australia also passed the Cyber Security Act 2024 on November 25, 2024, which for example sets requirements on mandatory ransomware reporting. In addition, Vietnam introduced its first draft for a new Personal Data Protection Law (PDPL), which is expected to be adopted in May 2025, and Malaysia passed significant changes to its existing Personal Data Protection Act (PDPA) with the Personal Data Protection Amendment Act (PDPAA), which is expected to come into effect in 2025. Both the PDPL and the PDPA (as amended by the PDPAA) aim to update the countries’ data protection frameworks to align them with more modern data protection laws elsewhere in Asia. The PDPL and PDPA updates include, among other things, rules on content, extraterritorial effect, breach notification requirements, cross-border transfer topics, requirements on setting up data protection departments and/or DPOs. Failure to comply with these laws, rules and regulations can result in the imposition of significant civil and/or criminal penalties and private litigation. Data privacy and security laws, rules, regulations, and other obligations are constantly evolving, may conflict with each other to make compliance efforts more challenging, and can result in investigations, proceedings, or actions that lead to significant penalties and restrictions on our ability to process data. For additional information about the risks to our business associated with data privacy and security matters, see “Item 3. Key Information—D. Risk Factors—Risks Related to Our Intellectual Property and Information Technology—We are subject to various laws, rules, regulations and guidelines relating to data privacy and security governing the use and processing of personal information. Changes in such laws, rules, regulations and guidelines, or any actual or perceived failure by us to comply with such laws, rules, regulations, guidelines or contractual or other obligations relating to data privacy and security, could lead to government enforcement actions (which could include administrative fines, civil or criminal penalties, suspension of processing activities and audits), private litigation or adverse publicity, any of which could have a material adverse effect on our reputation, results of operations, financial condition and cash flows.” Anti-Corruption We are subject to the FCPA and other anti-bribery and anti-corruption laws in countries outside of the United States in which we operate, including the UK Bribery Act and PRC anti-corruption laws. These laws and regulations are aimed at preventing and penalizing corrupt behavior. Anti-bribery and anti-corruption laws have been enforced aggressively in recent years and are interpreted broadly to generally prohibit companies, their employees, and their third-party intermediaries from corruptly promising, offering, accepting, authorizing, or providing, directly or indirectly, anything of value to government officials, political parties, and private sector recipients for the purpose of obtaining or retaining business, directing business to any person, or securing any other improper business advantage. The FCPA also requires U.S. issuers to make and keep books and records that accurately and fairly reflect the transactions of the corporation and to devise and maintain an adequate system of internal accounting controls. See “Item 3. Key Information—D. Risk Factors—Risks Related to Litigation and Regulation—Failure to comply with applicable anti-corruption laws could have a material adverse effect on our business, reputation, financial condition, and results of operations.” 73 Table of Contents Other Regulations We are also subject to a variety of other laws and regulations in the United States and around the world. For example, we must comply with an increasing number of laws designed to combat abuses of human rights in supply chain operations, such as the UFLPA. In addition, our selling practices are regulated by competition law authorities in the United States and around the world, as well as laws governing trade, transportation and logistics, including tariffs, quotas, embargoes and other orders issued by Customs and Border Protection and similar agencies in other countries. A significant portion of our products are imported for sale into the United States, Canada and Mexico and we source a significant portion of our third-party manufacturing from the PRC. These products are subject to various customs laws, which may impose tariffs, as well as quota restrictions. The United States and other counties into which our products are sold may impose, from time to time, new duties, tariffs, surcharges or other import controls, or adjust, presently prevailing duty or tariff rates or levels. See “Item 3.—Key Information—D. Risk Factors—Risks Related to Litigation and Regulation—Current and further changes to trade relationships and 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.” We are also subject to laws and sanctions imposed by the United States (including those imposed by the Office of Foreign Assets Control (OFAC)) and other authorities that may prohibit us or our affiliates from doing business in certain countries or restrict the type of business that may be conducted by us or our affiliates. For example, actions taken in response to the Russia-Ukraine War have included the imposition of export controls and broad financial and economic sanctions against Russia, Belarus and specific areas of Ukraine. Enforcement activities under these laws and regulations could subject us to additional administrative and legal proceedings and actions, which could include claims for civil penalties, criminal sanctions and administrative remedies. C. Organizational Structure We were incorporated under the name of “Amer Sports Management Holding (Cayman) Limited” as an exempted company with limited liability under the laws of the Cayman Islands on January 3, 2020. On August 4, 2023, we changed our name to Amer Sports, Inc. Our registered office is located at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands. Our telephone number at this address is +1 345 945 3901. Our corporate offices are located at Siltasaarenkatu 8-10, Fl-00530 Helsinki, Finland. Our telephone number at this address is +358 207 122 500. Our principal website is www.amersports.com. The information on, or accessible through, our website is not a part of, and is not incorporated into, this Annual Report. We have included our website address only as an inactive textual reference and do not intend it to be an active link to our website. See Exhibit 8.1 for a list of our subsidiaries. 74 Table of Contents D. Property, Plant and Equipment We conduct manufacturing, distribution and administrative activities in owned and leased facilities. The table below sets forth our principal properties as of December 31, 2025: Location Principal Activity Leased or Owned Square Feet Helsinki, Finland Corporate Offices Leased 18,901 New York City, New York Corporate Offices Leased 22,476 Metz-Tessy, France Administrative Office Owned 452,332 Shanghai, China Administrative Office Leased 113,845 Chicago, Illinois Administrative Office Leased 87,386 Vancouver, Canada Administrative Office Leased 60,521 Stockholm, Sweden Administrative Office Leased 27,211 Krakow, Poland Administrative Office Leased 23,304 Paris, France Administrative Office Leased 18,008 Hong Kong, China Sourcing Office Leased 20,592 Taichung, Taiwan Sourcing Office Leased 17,151 Kaohsiung, Taiwan Sourcing Office Leased 2,562 Chepelare, Bulgaria Manufacturing Owned 334,596 Asenovgrad, Bulgaria Manufacturing Owned 129,490 Orastie, Romania Manufacturing Owned 129,168 Oradea, Romania Manufacturing Hybrid 118,575 Simeria, Romania Manufacturing Owned 49,632 Hillsboro, Oregon Manufacturing Owned 89,380 Ada, Ohio Manufacturing Owned 80,000 Altenmarkt, Austria Warehouse/Distribution Center Owned 499,155 Moorabbin, Australia Warehouse/Distribution Center Leased 82,398 New Westminster, Canada Warehouse/Distribution Center Leased 243,610 Belleville, Canada Warehouse/Distribution Center Leased 206,500 Überherrn, Germany Warehouse/Distribution Center Owned 129,168 Saint Vulbas, France Warehouse/Distribution Center Leased 505,904 Tepotzotlán, Mexico Warehouse/Distribution Center Leased 60,536 Ogden, Utah Warehouse/Distribution Center Leased 305,735 Mt. Juliet, Tennessee Warehouse/Distribution Center Leased 575,000 Nashville, Tennessee Warehouse/Distribution Center Leased 252,262 Nashville, Tennessee Warehouse/Distribution Center Owned 300,000 In addition to the principal properties listed above, we own and lease over 50 offices worldwide for sales and administrative purposes. We directly operate a total of 9 distribution centers globally and over 700 owned retail stores across the Americas, EMEA, Greater China and Asia Pacific regions, as of December 31, 2025. Owned retail stores are generally leased and include renewal options. We consider the facilities used in our business to be suitable and adequate for the purposes for which they are used and do not anticipate difficulty in renewing existing leases as they expire or in finding alternative facilities. We are committed to maintaining all of these properties in good operating condition.