full year confirmed July 27, 2017 Heikki Takala, President and CEO - PowerPoint PPT Presentation

Amer Sports Q2/2017 H1 largely in line with plan, H2 improvement in sight, full year confirmed July 27, 2017 – Heikki Takala, President and CEO

Context • Consumer demand for our brands continues to be high. • Q2 growth from own Direct to Consumer and 3rd party online sales. • Traditional wholesale down vs. a year ago especially in the US, partially due to the declined store footprint following the 2016 retailer bankruptcies. • Trading conditions gradually improving, indicated by strengthening order positions. • Our own initiative pipeline is robust, supported by company transformation. • We prioritize profitable growth, and continue to drive productivity, enabled by ongoing restructuring. 2 27 July 2017 Amer Sports Interim Report Presentation

Q2: Strong growth in strategic priority areas • Net sales EUR 487.3 million (477.4), up by 2%, in local currencies +1% – Apparel +22%, own retail +25% (same store growth +7%), e-commerce +45%, China +20% • Gross margin 44.5% (44.7) • Opex up by EUR 12 million driven by investments into transformation • EBIT excl. IAC EUR -24.8 million (-12.1) • Free cash flow positive at EUR 7.0 million (-54.3) 3 27 July 2017 Amer Sports Interim Report Presentation

Outdoor Q2/2017 (Q2/2016) EBIT excluding items affecting Net sales comparability MEUR MEUR 120 600 100 500 80 231.0 400 209.7 60 174.8 238.3 300 40 168.7 20 -16.0 -22.0 -18.7 200 -27.1 -31.1 0 100 -20 0 -40 Q2/13 Q2/14 Q2/15 Q2/16 Q2/14 Q2/15 Q2/16 Q2/17 Q2/13 Q2/17 Net sales EUR 238.3 million, +3%* • Apparel +22% driven by Arc’teryx • Footwear +2%, impacted by global distribution consolidation and volatility in Latin America • Mavic sales impacted by high OEM and retail inventories. ENVE +26% • Sports Instruments +7% due to Spartan multisport watches EBIT excl. IAC EUR -31.1 million (-16.0) *In local currencies 4 4 27 July 2017 27 July 2017 Amer Sports Interim Report Presentation

Ball Sports Q2/2017 (Q2/2016) Net sales EBIT excluding items affecting MEUR MEUR comparability 200 167.5 180 169.4 165.5 25 160 144.2 136.2 20 140 120 15 11.3 9.0 100 7.8 7.7 10 6.3 80 5 60 40 0 20 -5 0 Q2/14 Q2/13 Q2/15 Q2/16 Q2/17 Q2/17 Q2/15 Q2/16 Q2/14 Q2/13 Net sales EUR 167.5 million, at previous year’s level* • US wholesale market soft; baseball de-stocking ahead of changes in bat regulations in early 2018 EBIT excl. IAC EUR 9.0 million (7.7) *In local currencies 5 5 27 July 2017 27 July 2017 Amer Sports Interim Report Presentation

Fitness Q2/2017 (Q2/2016) EBIT excluding items affecting Net sales comparability 20 MEUR 140 120 15 100 82.0 81.5 10 80.9 80 64.3 65.1 5.1 4.3 4.1 4.5 5 60 2.5 40 0 20 -5 0 Q2/15 Q2/17 Q2/13 Q2/14 Q2/16 Q2/16 Q2/15 Q2/13 Q2/14 Q2/17 Net sales EUR 81.5 million, +1%* • Growth unevenly split between the quarters, order book has continued to strengthen EBIT excl. IAC EUR 2.5 million (4.5) *In local currencies 6 6 27 July 2017 27 July 2017 Amer Sports Interim Report Presentation

H1 in a nutshell • Net sales EUR 1,148.9 million (1,112.9), up by 3%, in local currencies +2% – Apparel +17%, own retail +22% (same store growth +7%), e-commerce +45%, China +13% • Gross margin 44.9% (46.3) due to less favorable hedges • EBIT excl. IAC EUR 13.4 million (33.9) • Free cash flow EUR 60.9 million (-21.5) 7 27 July 2017 Amer Sports Interim Report Presentation

In H1, we continued the company transformation • Opex EUR +14 million: topline driven EUR +6 million, investment opex EUR +16 million (of which amortization EUR 8 million), maintenance EUR -8 million. Main investment areas: – New retail stores, e-commerce expansion – Building the consumer database – Strengthening capabilities in e-commerce, own retail, and digital consumer engagement • EMEA and North-American Go to Market omni-channel re-organization completed 8 27 July 2017 Amer Sports Interim Report Presentation

Transformation investment increasingly enabled by maintenance cost reduction 66 40 36 40 22 Topline 21 driven 14 6 34 29 Investment 21 driven 16 Maintenance -2 -5 -8 -11 driven H1-16 H1-17 FY-16 LTM June’17 9 27 July 2017 Amer Sports Interim Report Presentation

Balance sheet June 30, June 30, Dec. 31, EUR million 2017 2016 2016 Net debt 584.4 599.9 535.9 Shareholders’ equity 840.5 858.2 1,003.1 1,424.9 Capital employed 1,458.1 1,539.1 Working capital 416.0 456.6 487.6 1.77X Capital turnover 1.83X 1.77x ROCE, LTM % 13.4 15.6 14.9 Net debt/EBITDA LTM 2.2 2.2 1.9 Net debt/equity 0.69 0.70 0.53 Equity ratio, % 35.4 35.8 36.9 10 27 July 2017 Amer Sports Interim Report Presentation

Outlook

Outlook for 2017 • In 2017, Amer Sports’ net sales in local currencies are expected to increase from 2016, despite short-term market softness. EBIT excl. IAC is expected to be approximately at the level of 2016. • The growth in 2017 is expected to be biased to the second half of the year. EBIT excl. IAC includes further accelerated investment into the company’s transformation toward omni- channel and digital to win in the fast changing market place. • The company will continue to focus on growing the core business and the five prioritized areas: Apparel and Footwear, US, China, Business to Consumer, as well as digitally connected devices and services. 12 27 July 2017 Amer Sports Interim Report Presentation

APPENDIX

Net sales and EBIT breakdown NET SALES Q2/ Q1/ Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/ (MEUR) 2017 2017 2016 2016 2016 2016 2016 2015 2015 2015 2015 2015 Outdoor 238.3 396.2 1,601.8 490.7 505.7 231.0 374.4 1,530.1 501.9 476.6 209.7 341.9 Ball Sports 167.5 184.9 671.1 171.9 147.0 165.5 186.7 647.0 165.7 147.8 169.4 164.1 Fitness 81.5 80.5 349.2 109.8 84.1 80.9 74.4 357.3 116.1 89.3 82.0 69.9 Total 487.3 661.6 2,622.1 772.4 736.8 477.4 635.5 2,534.4 783.7 713.7 461.1 575.9 EBIT Q2/ Q1/ Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/ (MEUR) 2017* 2017* 2016* 2016* 2016* 2016 2016* 2015* 2015 2015 2015* 2015* Outdoor -31.1 28.8 196.9 69.7 105.5 -16.0 37.7 161.2 65.6 92.9 -18.7 21.4 Ball Sports 9.0 16.5 44.8 12.8 5.3 7.7 19.0 46.6 8.2 8.8 11.3 18.3 Fitness 2.5 0.7 17.0 6.8 5.4 4.5 0.3 31.2 15.7 9.1 5.1 1.3 Headquarters -5.2 -7.8 -37.0 -8.0 -9.7 -8.3 -11.0 -26.9 -5.5 -7.3 -6.7 -7.4 Total -24.8 38.2 221.7 81.3 106.5 -12.1 46.0 212.1 84.0 103.5 -9.0 33.6 * Excl. IAC 15 27 July 2017 Amer Sports Interim Report Presentation

Net sales by Business Unit Ch Ch MEUR % %* 2016 Q2/2017 Q2/2016 Footwear 3 2 490.5 100.1 97.0 Apparel 21 22 431.1 59.2 48.8 Winter Sports Equipment -12 -12 388.5 14.2 16.1 Cycling -17 -18 31.4 150.2 38.0 Sports Instruments 7 7 33.4 141.5 31.1 Individual Ball Sports 81.1 2 1 299.8 79.5 Team Sports 86.4 0 -2 371.3 86.0 Fitness 1 1 349.2 81.5 80.9 *In local currencies 16 27 July 2017 Amer Sports Interim Report Presentation

Net sales by region Q2/ Q1/ Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/ MEUR 2017 2017 2016 2016 2016 2016 2016 2015 2015 2015 2015 2015 EMEA 170.5 289.5 1,133.7 345.3 334.7 174.8 278.9 1,114.7 356.8 319.3 168.0 270.6 Americas 238.0 276.0 1,116.0 314.5 304.6 229.8 267.1 1,070.1 313.2 302.0 224.7 230.2 Asia Pacific 78.8 96.1 372.4 112.6 97.5 72.8 89.5 349.6 113.7 92.4 68.4 75.1 Total 487.3 661.6 2,622.1 772.4 736.8 477.4 635.5 2,534.4 783.7 713.7 461.1 575.9 17 27 July 2017 Amer Sports Interim Report Presentation

Sales development by region in Q2/2017 EMEA Americas APAC Total MEUR Ch, %* MEUR Ch, %* MEUR Ch, %* MEUR Ch, %* Outdoor 121.6 -3 72.2 9 44.5 12 238.3 3 Ball Sports 31.4 1 116.6 -2 19.5 8 167.5 0 Fitness 17.5 4 49.2 0 14.8 -4 81.5 1 Total 170.5 -2 238.0 2 78.8 8 487.3 1 * Change in local currencies Ball Sports Total Fitness Outdoor 16% 11% 19% 19% 19% 35% 51% 21% 238.3 167.5 487.3 81.5 70% 60% 30% 49% APAC EMEA Americas 18 27 July 2017 Amer Sports Interim Report Presentation

Refinancing needs well covered 250,0 • Cash EUR 246.4 million and unused committed facilities EUR 150 million (Jun 30, 2017) 200,0 • Commercial paper program in size of EUR 500 million completely Bonds unutilized 150,0 • Bank loans No scheduled repayments of long-term loans in 2017 Commercial 100,0 • Average interest rate of loan Papers portfolio 2.5% (Jun 30, 2016 2.1%) Other 50,0 0,0 19 27 July 2017 Amer Sports Interim Report Presentation

Foreign currency translation difference EUR million Q2 2017 Q2 2016 Local Translation Business Area Reported Reported Currency Difference Footwear 100.1 97.0 97.7 0.7 Apparel 59.2 48.8 48.4 -0.4 Winter Sports Equipment 14.2 16.1 16.2 0.1 Cycling 31.4 38.0 38.2 0.2 Sports Instruments 33.4 31.1 31.3 0.2 Outdoor 238.3 231.0 231.8 0.8 Individual Ball Sports 81.1 79.5 80.2 0.7 Team Sports 86.4 86.0 87.9 1.9 Ball Sports 167.5 165.5 168.1 2.6 Fitness 81.5 80.9 81.0 0.1 Total 487.3 477.4 480.9 3.5 20 27 July 2017 Amer Sports Interim Report Presentation