The Company’s Group Treasury function manages funding and liquidity risks, foreign exchange and interest rate risks, and credit risks. The Group Treasury function acts as an in-house bank providing financial services for subsidiaries within the Amer Sports Group.

Amer Sports is exposed to commodity and other price risk, including from rubber, nylon, polyester, steel, aluminum and other materials, which are either purchased directly or in a converted form such as fabric, as well as other inputs, including energy, transportation and logistics services. To manage risks of commodity price changes, management negotiates prices in advance when possible. Amer Sports has not historically managed commodity price exposures by using derivative instruments.

While inflationary pressures have moderated in certain markets, the costs of labor, raw materials and other inputs for Amer Sports’ products remain elevated and volatile, and may increase again. Amer Sports has experienced, and may continue to experience, higher than expected inflation, including escalating transportation, commodity and other supply chain costs and disruptions due to macroeconomic conditions, geopolitical events, supply chain disruptions, or changes in trade and monetary policy. If our costs are subject to significant inflationary pressures, Amer Sports may not be able to offset such higher costs through price increases or other cost-management initiatives, particularly if demand weakens or competitive conditions limit pricing flexibility, which could adversely affect its business, results of operations or financial condition and margins.

The Company manages its capital and capital structure with the objectives of safeguarding sufficient working capital over the annual operating cycle and providing sufficient financial resources to grow operations to meet long-term consumer demand. The Board of Directors of the Company monitors the Company’s capital management on a regular basis. The Company will continually assess the adequacy of the Company’s capital structure and capacity and make adjustments within the context of the Company’s strategy, economic conditions, and risk characteristics of the business.

The Senior Secured Credit Facilities contains a number of covenants that, among other things and subject to certain exceptions, restrict the Company’s and its subsidiaries’ ability to incur additional indebtedness; create liens; enter into agreements and other arrangements that include negative pledge clauses; pay dividends on capital stock or redeem, repurchase or retire capital stock or subordinated indebtedness; make investments, loans, advances and acquisitions; merge, amalgamate or sell assets, including equity interests of subsidiaries; enter into sale and leaseback transactions; engage in transactions with affiliates; and enter into amendments of or waivers under subordinated indebtedness. The Credit Agreement also contains certain customary affirmative covenants.

The Revolving Credit Facility contains financial covenants that: (1) require the Company to maintain a maximum first lien net leverage ratio of not greater than 5.00:1.00 and (2) require the Company to maintain an interest coverage ratio of not less than 2.00:1.00, which increased to 2.25:1.00 as of the fiscal quarter ending December 31, 2025 and shall further increase to 2.50:1.00 as of the fiscal quarter ending December 31, 2026. The financial covenants contain a customary term loan facility standstill and customary cure rights.

At an operational level, the Company’s liquidity risks revolve around its cyclical need for working capital. Typically, the highest level of working capital has been reached in the third quarter, when short-term debt is tied up in inventories and accounts receivable.

The Company’s Treasury function has established several cash pooling structures with the Company’s relationship banks in order to manage the liquidity of the Company and manages liquidity that is outside cash pooling structures. Liquidity in excess of operating needs may be invested in line with the Company’s policies and the terms of the Senior Secured Credit Facilities agreement.

Under the Senior Secured Credit Facilities agreement, the Company has a five-year revolving credit facility of $710.0 million, which is available in U.S. dollars or Euros. No amounts were borrowed on the Revolving Credit Facility as of December 31, 2025. The Revolving Credit Facility, the two China Facilities, and the Standard Chartered Bank facility are intended to assist with Amer Sports’ short-term liquidity needs.


In millions	2026		2027		2028		2029		2030		Thereafter		Total
Non-current borrowings	$	—	$	—	$	—	$	—	$	—	$	800.0	$	800.0
Interest on borrowings (1)	55.6		54.0		54.0		54.0		54.0		24.8		296.4
Lease liabilities	198.8		166.7		137.9		111.5		82.3		280.4		977.6
Other borrowings	142.8		—		—		—		—		—		142.8
Derivative financial liabilities	4,687.2		346.2		—		—		—		—		5,033.4
Accounts payable	769.8		—		—		—		—		—		769.8
Total	$	5,854.2	$	566.9	$	191.9	$	165.5	$	136.3	$	1,105.2	$	8,020.0

(1)Interest on borrowings is calculated based on the loan balance and the interest rate on the Senior Secured Notes, which bear interest at a rate of 6.75%, and the outstanding China Facilities which bear interest at rates of 2.15% and 2.20%. Refer to Note 19. Borrowings for additional information.


In millions	Current borrowings		Non-current borrowings		Lease liabilities		Derivative financial instruments
Balance at January 1, 2024	$	381.0	$	5,940.4	$	339.8	$	33.0
Cash flows	(226.9)		(2,501.7)		(124.7)		(18.2)
Foreign exchange movement	(17.6)		(85.9)		—		—
Changes in fair values	—		—		—		9.4
Changes in leases	—		—		340.8		—
Equitization	—		(2,562.0)		—		—
Balance at December 31, 2024	136.5		790.8		555.9		24.2
Cash flows	3.5		—		(145.6)		(17.5)
Foreign exchange movement	2.8		—		—		—
Changes in fair values	—		—		—		64.7
Changes in leases	—		—		407.7		—
Amortization of discount	—		1.5		—		—
Balance at December 31, 2025	$	142.8	$	792.3	$	818.0	$	71.4

The Company’s consolidated financial statements are expressed in U.S. dollars, but a substantial portion of the Company’s revenues, purchases, and expenses are denominated in other currencies, and monetary assets and liabilities are particularly exposed to the euro, the Canadian dollar, and the U.S. dollar for subsidiaries that have functional currencies other than the U.S. dollar. The Company also has outstanding indebtedness denominated in currencies other than U.S. dollars. The Company has entered into forward foreign exchange contracts to reduce the foreign exchange risk associated with revenues, purchases, and expenses denominated in these currencies. Certain forward foreign exchange contracts were designated at inception and accounted for as cash flow hedges.

Revenues and expenses of all foreign operations are translated into U.S. dollars at the foreign currency exchange rates that approximate the rates in effect at the dates when such items are recognized. As a result, we are exposed to foreign currency translation gains and losses. Appreciating foreign currencies relative to the U.S. dollar, to the extent they are not hedged, will positively impact operating income and net income by increasing our revenue, while depreciating foreign currencies relative to the U.S. dollar will have the opposite impact.

Balance sheet risks have been managed by financing Amer Sports’ subsidiaries in their functional currencies. The risks have been concentrated at centralized distribution and purchasing units that invoice the subsidiaries in their respective functional currencies. Amer Sports’ currency risk arises from internal and external liabilities in foreign currencies.

The following tables summarize the monetary assets/(liabilities) in currencies to which the Company has significant exposure. The information is inclusive of the impact of forward contracts in place to hedge the foreign currency exposures.


December 31, 2025	Currency of assets/(liabilities)
In millions	USD		RMB	EUR		GBP	JPY		SEK		CHF	CAD
Interest-bearing intercompany receivables	$	444.9	N/A	$	222.5	N/A	$	13.6	$	2.2	N/A	$	136.9
Interest-bearing intercompany liabilities	(1,357.4)		(484.2)	N/A		(28.4)	N/A		(1.4)		(3.9)	N/A
Non interest-bearing receivables and payables	(246.3)		170.0	(7.6)		9.7	10.0		8.1		5.3	7.5
Foreign exchange derivatives	1,211.6		(257.0)	(253.6)		(119.3)	(135.7)		(83.6)		(73.9)	(122.6)


December 31, 2024	Currency of assets/(liabilities)
In millions	USD		RMB	EUR	GBP	SEK		CHF		CAD
Interest-bearing intercompany receivables	$	342.8	N/A	N/A	N/A	$	6.0	$	6.3	$	89.7
Interest-bearing intercompany liabilities	(1,264.5)		(396.1)	115.8	(25.5)	N/A		N/A		N/A
Non interest-bearing receivables and payables	(205.3)		182.3	(4.1)	8.8	8.6		4.9		8.2
Foreign exchange derivatives	475.9		186.0	(299.8)	(106.6)	(80.0)		(75.1)		(100.4)

Based on the net exposures above, it is estimated that a simultaneous strengthening of 10% in the USD against foreign currency exchange rates will increase the fair value of the net monetary assets and liabilities including foreign exchange derivatives by $98.5 million and $77.4 million, and decrease profit or loss by $42.2 million and $30.3 million, for the years ended December 31, 2025 and 2024, respectively.

Earnings sensitivity before taxes is influenced by changes in the fair value of derivative instruments not designated as hedging instruments as well as changes in the value of loans and receivables denominated in currencies other than the U.S. dollar. Other comprehensive income is mainly affected by changes in the fair value of derivative instruments used in hedge accounting recognized under the hedge reserve.

The transaction risk arising from subsidiaries’ business operations is generally hedged up to 24 months out, with hedged amounts being higher for closer months than for later months. Hedges are monitored weekly. The hedged cash flows are expected to be realized within 24 months.

Amer Sports applies hedge accounting to forecasted cash flows from sales or purchases in foreign currencies related to its operating activities. The effectiveness is assessed quarterly by analyzing the critical terms. The critical terms of the hedging instrument and the forecasted hedged transactions are significantly the same. The forecasted hedged transactions are expected to occur in the same fiscal month as the maturity date of the hedging instrument, and therefore, the hedge is expected to be effective. Subsequent assessments of effectiveness are performed by verifying and documenting whether the critical terms of the hedging instrument and forecasted hedged transactions have changed during the period in review and whether the hedged transaction remains probable. If there are no such changes in critical terms, the Company will continue to conclude that the hedging relationship is effective. Sources of ineffectiveness, including timing differences in the settlement of forecasted hedged transactions and hedging instruments, and changes in credit risk of the hedging instruments, are not considered material.

Net investments in foreign subsidiaries are long-term investments. Their fair value changes through movements of foreign currency exchange rates. In July 2024, the Company entered into a $50 million notional cross-currency swap (CCS), which was designated as a net investment hedge of the translation risk arising from the Company’s net investment in its Japanese subsidiary. The hedge remained effective since inception, gains and losses were immaterial and were accumulated in equity, and no amount was recognized in the consolidated statement of income and loss in any period presented.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company addresses its net exposure to interest rate risk mainly through the ratio of its fixed-rate financial debt to variable-rate financial debt contained in its total financial debt portfolio. To manage this mix, the Company may enter into interest rate swap agreements, in which it exchanges periodic payments based on a notional amount and agreed-upon fixed and variable interest rates.

The impact on the consolidated statement of income and loss due to an increase of 1% in interest rates for the next 12 months, provided that other factors remain unchanged, would be immaterial for the years ended December 31, 2025 and 2024 due to no exposure to floating rate debt. The impact on net income for the year ended December 31, 2023 would have been $51.7 million. A 1% decrease in market interest rates would have an opposite effect of approximately the same amount. The sensitivity is calculated on non-current and other borrowings. Interest rate floors are excluded from the calculations.

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to customary credit risk from customer contracts which are held as accounts receivables on the Company’s consolidated statement of financial position. The Company has a global customer base, and there are no significant risk concentrations. No single customer accounts for more than 10% of total accounts receivable and the largest 20 customers represented approximately 32% of total accounts receivable as of December 31, 2025.

The credit risk arising from Amer Sports’ derivatives is considered low. The risk is minimized by careful selection of counterparties, their limited share of the total portfolio and by monitoring counterparties’ creditworthiness and outstanding liabilities towards Amer Sports.


In millions	December 31, 2025		December 31, 2024
Non-current financial assets
Other non-current financial assets	$	68.7	$	55.6
Promissory notes	—		4.2
Derivative financial instruments
Cross currency swaps	1.5		—
Foreign exchange derivatives	0.5		2.2

Current financial assets
Hold-to-collect accounts receivables	750.8		630.7
Available for sale receivables	58.5		36.2
Other interest-free receivables	134.3		127.5
Promissory notes	4.4		7.0
Derivative financial instruments
Foreign exchange derivatives	22.3		44.5

Cash and cash equivalents	652.3		345.4

One of the Company’s subsidiaries entered into a receivable sale agreement, originally in 2013 and subsequently amended and restated in 2025, with a third-party banking institution (“Purchaser”), pursuant to which the Company agreed to sell accounts receivable up to a limit of $115 million in exchange for advanced funding equal to 90% of the principal value of the invoice on a non-recourse basis. Information on accounts receivable identified for sale is provided and verified by the Purchaser prior to being accepted for sale. The Company is charged an adjustment rate of the Daily Simple SOFR plus 1.30% per annum, based on the number of days between the purchase date and the settlement date. The program is in place for certain approved US-based obligors. The year-end value of uncollected receivables transferred as part of the receivable sale program was $50.0 million and $0.1 million as of December 31, 2025 and 2024, respectively. The total accounts receivable balances transferred to the Purchaser were $50.0 million and $91.8 million, for the years ended December 31, 2025 and 2024, respectively.

The Company entered into receivables financing arrangements with two subsidiaries and a third-party banking institution (“Purchaser in EMEA”) on December 15, 2023, pursuant to which the Company agreed to sell accounts receivable up to a limit of €60 million. The year-end value of uncollected receivables transferred as part of the receivable sale program was nil and $59.1 million as of December 31, 2025 and 2024, respectively. The total accounts receivable balances transferred to the Purchaser in EMEA were $14.2 million and $193.2 million, for the years ended December 31, 2025 and 2024, respectively. This financing arrangement ended in 2025.

The fair value of the continuing involvement in the transferred trade receivables corresponds to the maximum payment and the undiscounted cash outflows the Company might have to pay in case of late payment. The fair value of continuing involvement in the transferred trade receivables as of December 31, 2025 and 2024, was immaterial, individually and in the aggregate. The Company has assessed that significantly all risks and rewards of the transferred accounts receivables have been transferred to the Purchasers. The Company only retains the risk of late payments of the underlying debtors, which has been considered immaterial for the consolidated financial statements. All of the potential cash outflows have a maturity of less than 12 months. The objective of Amer Sports receivable sale program is to balance the liquidity swings of the Company.


	December 31, 2025
In millions	Fair value		Notional value		2026		2027		2028 and after
Hedge accounting-related
Foreign exchange derivatives hedging cash flows from operations	$	(38.6)	$	3,058.5	$	2,711.5	$	347.0	$	—
Cross-currency swaps	1.5		50.0		—		—		50.0

Other derivative contracts
Foreign exchange derivatives	3.6		1,951.0		1,951.0		—		—


	December 31, 2024
In millions	Fair value		Notional value		2025		2026		2027 and after
Hedge accounting-related
Foreign exchange derivatives hedging cash flows from operations	$	32.7	$	1,701.0	$	1,479.6	$	221.4	$	—
Cross-currency swaps	(1.2)		50.0		—		—		50.0

Other derivative contracts
Foreign exchange derivatives	(4.1)		1,559.5		1,559.5		—		—


	Related amounts not set off
In millions	Gross amount of derivative financial instruments		Related assets/(liabilities) subject to master netting agreements		Collateral given/(received)		Net exposure
Derivative assets	$	43.7	$	(43.1)	$	—	$	0.6
Derivative liabilities	(77.2)		43.1		—		(34.1)


	Related amounts not set off
In millions	Gross amount of derivative financial instruments		Related assets/(liabilities) subject to master netting agreements		Collateral given/(received)		Net exposure
Derivative assets	$	57.4	$	(29.1)	$	—	$	28.3
Derivative liabilities	(30.0)		29.1		—		(0.9)

Financial assets and liabilities other than derivative financial assets and liabilities are not subject to material offsetting, enforceable master netting or similar agreements. Financial assets and liabilities that are not set off in the consolidated statement of financial position, but may be set off are under enforceable master netting arrangements (such as International Swaps and Derivatives Association Inc, ISDA, Master Agreement and Schedules governing terms, obligations and other provisions related to trading and settlement of derivative trades) that allow the Company and the counterparty for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis, however, each party to the master netting arrangement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party.