Amer Sports Q1/2011 resultsApril 28, 2011

Heikki Takala, President & CEO

Disclaimer

Statements in this presentation, which are not historical facts, such as expectations, anticipations, beliefs and estimates, are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to materially differ from those expressed in such forward-looking statements.

Amer Sports assumes no responsibility to update any of the forward-looking statements contained herein. No representation or warranty, express or implied, is made or given by or on behalf of Amer Sports or its employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation.

2

Strong Q1 driven by softgoods• Net sales EUR 449.1 million (372.6), +12% in local currencies

– Sales increased particularly in Footwear +34%, Apparel +28% and Fitness +14%– Geographically, EMEA +16%, Americas +9% and APAC +4%– Racquet Sports was impacted by the earthquake and tsunami in Japan

• EBIT increased in all business segments and was EUR 25.7 million (9.5)– EBIT improvement was driven by sales growth EUR +28.7 million and gross margins

EUR +3.0 million– Gross margin improved to 43.3% (42.7%)– OPEX increased EUR -14.9 million: continuous investments into growth (category

based operations, go to market, customer service)

3 Change % in local currencies

Gross margin up by 0.6 points

4

EUR million Q1/11 Q1/10 Ch % Ch %* 2010Net sales 449.1 372.6 21 12 1,740.4Gross profit 194.6 159.2 22 742.0Gross profit, % of net sales 43.3 42.7 42.6EBIT excluding non-recurring items 25.7 9.5 107.9EBIT % excluding non-recurring items 5.7 2.5 6.2Non-recurring items - - -11.1EBIT total 25.7 9.5 96.8Net cash flow afterinvesting activities 87.1 93.9 50.1

*) Change % in local currencies

EBIT increase was broad-based (EUR million)

0

10

20

30

40

50

Q1/11

25.7

Other*

0.6

OPEX

14.9

Margin/Mix

3.0

Growth

28.7

Q1/10

9.5

0

10

20

30

40

50

Q1/11HQ

25.71.3

Fitness

4.0

BallSports

3.3

W&O

7.6

Q1/10

9.5

* FX translation EUR +0.2 million, other income and expenses EUR -0.8 million5

Strong financial position

• Cash flow at a healthy level• Gearing 35% (Dec 31, 2010: 37%)• Re-financing needs for 2011-2012 covered

EUR million Mar 31, 2011 Mar 31, 2010 Dec 31, 2010

Net debt 257.4 233.4 294.8

Shareholders’ equity 739.4 737.5 790.2

Capital employed* 971.9 983.9 965.9

Working capital 296.8 261.3 363.7

Gearing, % 35 32 37

Equity ratio, % 47 53 48

* 12 month rolling average

6

Winter and Outdoor in Q1/2011 (Q1/2010)

Net sales +20%• Winter Sports Equipment +6%.• Footwear +34%: hiking and trail running up.• Apparel +28%: all geographical regions.• Cycling +8%: all main product categories up, strong growth in apparel and footwear.• Sports Instruments +7%, outdoor and training products grew double-digit.

EBIT EUR 9.3 million (1.7)• Sales growth: impact EUR +21.3 million• Increased OPEX: impact EUR -12.4 million.

050

100150200250300350400450

Net sales

-40

-20

0

20

40

60

80

EBIT excludingnon-recurring itemsMEUR

MEUR

Change % in local currencies

233.5181.7

9.31.7164.4 -10.9

Q1/09 Q1/10 Q1/11 Q1/08 Q1/09 Q1/10Q1/08

162.0

Q1/11

-14.6

7

Ball Sports Q1/2011 (Q1/2010)

Net sales +2%• Racquet Sports -3%. Adversely impacted by the earthquake and tsunami in Japan.• Team Sports +9%, driven by bats, basketballs and ball gloves.• Golf -5%.

EBIT EUR 17.7 million (14.4)• Sales growth: impact EUR +4.1 million • Increased OPEX: impact EUR -1.2 million.

020406080

100120140160180

Net sales

-5

0

5

10

15

20

EBIT excludingnon-recurring items

MEURMEUR

Change % in local currencies

142.9 145.414.4

11.5

144.0 15.7

Q1/08 Q1/09 Q1/10 Q1/08 Q1/09 Q1/10Q1/11

159.0

Q1/11

17.7

8

Fitness Q1/2011 (Q1/2010)

Net sales +14%• Sales up in all regions.

EBIT EUR 3.3 million (-0.7)• Sales growth: impact EUR +3.7 million • Higher gross margins: impact EUR +2.0 million• Increased OPEX: impact EUR -1.7 million.

0

10

20

30

40

50

60

70

Net sales

-6

-4

-2

0

2

4

6

EBIT excludingnon-recurring itemsMEUR MEUR

45.548.0

-0.7

3.357.0

-3.4

Change % in local currencies

Q1/08 Q1/09 Q1/10 Q1/08 Q1/09 Q1/10

56.6

Q1/11 Q1/11

3.7

9

Outlook

Outlook 2011• Amer Sports’ strategic development programs continue to contribute positively to the Group

performance in 2011 and the company will continue investing into executing the new strategy and sustaining the growth.

• In Footwear and Apparel, fall/winter pre-orders are indicating that the strong momentum will continue. In Winter Sports Equipment, Amer Sports’ operational efficiency measures are expected to have a positive impact on the full-year profitability. The sporting goods market is estimated to continue to grow modestly in 2011, with sports specific and regional differences.

• In 2011, Amer Sports expects its net sales to continue to clearly exceed the Group’s long-term financial target of 5% annual currency-neutral growth. EBIT margin excluding non-recurring items is expected to improve from the level of 2010.

11

Progress in the strategic priorities

Progress in the strategic priorities

• Clear portfolio roles and synergies– Category-based operation well underway– All businesses and geographic regions progressing towards their

specific targets with clear programs

• Grow faster in softgoods– Growth accelerated

• Win with Consumers– Consumer centric product creation process– Marketing capability investments

• Win in Go to Market– Distribution expansion, including emerging markets and channels– Capability development

• Operational excellence– Complexity reduction– Focus: Winter Sports Equipment

1313

Clarify future direction & deliver the year

Profitability, growth acceleration

Build critical capabilities, allocate resources and reignite growth

• Clarify priorities, set direction

• Continue to drive profit recovery, deliver the year

• Continue the work on operational efficiency & margins improvement

• Build capabilities:• Softgoods• Category based development• Go to market

• Drive organic growth: softgoods, Russia, China, BtoC, etc.

• Operational excellence, WSE efficiency & profitability

• Continued growth in categories and countries

• Big brands, big countries, big categories~2010

~2011...2012

~2013-

Prioritized, sequenced program

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Appendix

Net sales and EBIT breakdown (MEUR)

Q1/ Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/

NET SALES 2011 2010 2010 2010 2010 2009 2009 2009 2009 2010 2009

Winter and Outdoor 233.5 416.5 300.3 116.5 181.7 329.2 262.4 106.6 164.4 1,015.0 862.6

Ball Sports 159.0 107.3 114.0 153.9 145.4 94.7 103.4 135.7 142.9 520.6 476.7

Fitness 56.6 59.6 52.6 47.1 45.5 58.9 44.8 42.4 48.0 204.8 194.1

Total 449.1 583.4 466.9 317.5 372.6 482.8 410.6 284.7 355.3 1,740.4 1,533.4

Q1/ Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/EBIT 2011 2010 2010 2010 2010 2009 2009 2009 2009 2010 2009

Winter and Outdoor 9.3 51.2 58.2 -24.2 1.7 42.5 44.1 -29.2 -10.9 86.9 46.5

Ball Sports 17.7 -5.4 3.5 17.0 14.4 2.2 2.4 7.4 11.5 29.5 23.5

Fitness 3.3 2.0 2.8 -3.7 -0.7 -0.5 -1.4 -2.2 -3.4 0.4 -7.5

Headquarters -4.6 0.6 -8.7 -6.0 -5.9 -4.8 -4.4 -5.4 -4.1 -20.0 -18.7

Total 25.7 48.4 55.8 -16.9 9.5 39.4 40.7 -29.4 -6.9 96.8 43.8

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Business area net sales

MEURQ1/

2011Q1/

2010Ch%

Ch%*) 2010 2009

Ch%

Ch%*)

Winter Sports Equipment 46.9 42.3 11 6 438.4 371.7 18 12

Footwear 91.1 62.7 45 34 219.6 169.0 30 26

Apparel 38.9 28.3 37 28 156.6 135.7 15 6

Cycling 34.4 29.3 17 8 106.4 100.4 6 5

Sports Instruments 22.2 19.1 16 7 94.0 85.8 10 4

Racquet Sports 67.1 64.3 4 -3 232.5 222.7 4 -1

Team Sports 71.3 60.8 17 9 212.1 187.3 13 8

Golf 20.6 20.3 1 -5 76.0 66.7 14 7

Fitness 56.6 45.5 24 14 204.8 194.1 6 1

Total 449.1 372.6 21 12 1,740.4 1,533.4 13 8

*) Change % in local currencies18

Net sales by region (MEUR)

Q1/ Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/ Q1/NET SALES 2011 2010 2010 2010 2010 2009 2009 2009 2009 2010 2009Americas 186.4 184.1 192.3 153.2 158.3 154.6 163.6 138.5 163.8 687.9 620.5

EMEA 214.1 325.8 226.9 120.8 172.2 266.1 204.0 108.4 156.5 845.7 735.0

Asia Pacific 48.6 73.5 47.7 43.5 42.1 62.1 43.0 37.8 35.0 206.8 177.9

Total 449.1 583.4 466.9 317.5 372.6 482.8 410.6 284.7 355.3 1,740.4 1,533.4

19

19%

70%

11%

Sales development by region in Q1/2011

Winter and Outdoor Ball Sports Fitness Total

233.5

Americas EMEA Asia Pacific TotalQ1/11 Ch, YoY Q1/11 Ch, YoY Q1/11 Ch, YoY Q1/11 Ch, YoYMEUR % %, LC MEUR % %, LC MEUR % %, LC MEUR % %, LC

Winter and Outdoor 44.0 40 29 163.5 27 19 26.0 21 10 233.5 29 20Ball Sports 102.4 10 3 39.3 12 5 17.3 -1 -11 159.0 9 2Fitness 40.0 18 8 11.3 36 24 5.3 66 43 56.6 24 14Total 186.4 18 9 214.1 24 16 48.6 15 4 449.1 21 12

64%

25%

11%

159.0

71%

20%

9%

56.641%

48%

11%

449.1

Americas EMEA Asia Pacific20

Balance sheet

MEURMarch 31,

2011March 31,

2010Dec 31,

2010

Goodwill and other intangible non-current assets 486.4 497.8 500.9

Tangible non-current assets and other non-current assets 237.5 207.6 240.7

Inventories and work in progress 317.4 239.0 302.1

Receivables 399.1 399.0 525.4

Cash and cash equivalents 118.1 50.7 84.7

Shareholders’ equity*) 739.4 737.5 790.2

Interest bearing liabilities 375.5 284.1 379.5

- Long-term 276.7 238.8 278.7

- Current 98.8 45.3 100.8

Other liabilities 443.6 372.5 484.1

Total 1,558.5 1,394.1 1,653.8

*) Including hybrid bond21

Contact information

• Heikki Takala, President and CEO tel. +358 9 7257 8210

• Jussi Siitonen, CFO tel. +358 9 7257 8212

• Päivi Antola, Director, Corporate Communications and IRtel. +358 9 7257 8233

www.amersports.com

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