When a brand becomes an admirable lifestyle

Nomura reiterates Buy on Amer Sports (AS.US). Salomon has demonstrated sizable growth potential, sustaining Amer's long-term momentum. Salomon is on track to become a lifestyle brand: it keeps expanding across categories (from winter sports equipment and performance footwear to sportstyle footwear and apparel), strengthening consumers' perceptions, and evolving into an admirable lifestyle brand representing modern outdoor sports with a deep French heritage. During Amer's investor day (17 Sept), management introduced a refreshed five-year financial algorithm: a FY26-31E revenue CAGR of low-double digits% to mid-teens% with annual adjusted OPM expansion of 30-70bp by FY31E;