Amer Sports Inc (AS) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is Jay, and I will be your conference operator today. At this time, I would like to welcome everyone to the Amer Sports fourth quarter full year fiscal earnings call. (Operator Instructions).

感謝您的耐心等待。我叫傑伊，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Amer Sports 公司歡迎各位參加第四季全年財報電話會議。（操作說明）

I would now like to turn the conference over to Omar Saad, Head of Investor Relations. You may begin.

現在我將把會議交給投資者關係主管奧馬爾·薩阿德。你可以開始了。

Hello, everyone. Thanks for joining Amer Sports Earnings Call for the fourth quarter of fiscal year 2025. Earlier this morning, we announced our financial results for the quarter and year ended December 31, 2025, and the release can be found on our IR website, investors.amersports.com.

大家好。感謝您參加 Amer Sports 2025 財年第四季財報電話會議。今天早些時候，我們公佈了截至 2025 年 12 月 31 日的季度和年度財務業績，相關公告可在我們的投資者關係網站 investors.amersports.com 上找到。

A quick reminder to everyone that today's call will contain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current expectations and beliefs only and are subject to certain risks and uncertainties that could cause actual results to differ materially. Please see the safe harbour statement in our earnings release and SEC filings.

提醒各位，今天的電話會議將包含聯邦證券法意義上的前瞻性陳述。這些前瞻性陳述僅反映我們目前的預期和信念，並受到某些風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期結果有重大差異。請參閱我們獲利報告和提交給美國證券交易委員會的文件中的安全港聲明。

We will also discuss certain non-IFRS financial measures. Please refer to our earnings release for important information regarding such non-IFRS financial measures, including reconciliations to the most comparable IFRS financial measures.

我們也將討論一些非國際財務報告準則的財務指標。有關此類非 IFRS 財務指標的重要信息，請參閱我們的盈利報告，包括與最可比較的 IFRS 財務指標的調節表。

We will begin with prepared remarks from our CEO, James Zheng; and CFO, Andrew Page, followed by a Q&A session until approximately 9:00 a.m. Eastern. James will cover key operational and brand highlights, then Andrew will provide a financial review at both the group and segment level and also walk through our guidance for the first quarter and full year 2026.

我們將首先由執行長 James Zheng 和財務長 Andrew Page 發表準備好的講話，然後進行問答環節，直到美國東部時間上午 9:00 左右。James 將介紹關鍵的營運和品牌亮點，然後 Andrew 將從集團和業務部門層面進行財務回顧，並詳細介紹我們對 2026 年第一季和全年的業績指引。

Arc'teryx CEO, Stuart Haselden, Salomon's CEO, Guillaume Meyzenq will join for the Q&A session.

Arc'teryx 執行長 Stuart Haselden 和 Salomon 執行長 Guillaume Meyzenq 將參與問答環節。

With that, I'll turn the call over to James.

接下來，我將把電話交給詹姆斯。

Thanks, Omar. Fourth quarter was a great finish to a breakout here for Amer Sports. Our growth was led by our flagship Arc'teryx brand and the rising star Salomon, which recently surpassed USD 2 billion sales mark.

謝謝你，奧馬爾。第四節比賽對於Amer Sports來說是一個完美的收官，他們也因此取得了突破。我們的成長主要得益於旗艦品牌 Arc'teryx 和冉冉升起的新星 Salomon，後者最近銷售額突破了 20 億美元大關。

In 2025, we generated 27% revenue growth to $6.6 billion and 170 basis points of adjusted operating margin expansion to 12.8% with double-digit growth across all segments, regions and channels. In the fourth quarter, with gross sales 28% and the strong momentum continues into Q1.

2025 年，我們實現了 27% 的營收成長，達到 66 億美元，調整後的營業利潤率成長 170 個基點，達到 12.8%，所有業務部門、地區和通路均實現了兩位數的成長。第四季總銷售額成長 28%，強勁勢頭延續至第一季。

Our performance was led by technical apparel and outdoor performance with solid contribution from winter for the equipment and the boring record. All four regions achieved solid double-digit revenue growth.

我們的出色表現主要得益於技術服裝和戶外性能，冬季裝備和枯燥的記錄也為我們的表現做出了堅實貢獻。四個地區均實現了兩位數的穩健營收成長。

Although we generated solid gross margin expansion in Q4, adjusted operating margin declined 110 basis points. This was entirely due to accelerated SG&A investments to support key growth opportunities, particularly for Salomon.

儘管我們在第四季度實現了穩健的毛利率成長，但調整後的營業利潤率下降了110個基點。這完全是由於加快了銷售、一般及行政費用投資，以支持關鍵成長機會，特別是對 Salomon 而言。

Looking forward, we believe we are well positioned for strong and profitable growth within the premium sports and outdoor market, which continues to be one of the healthiest segments in all of consumers. Several factors give me confidence in our outlook.

展望未來，我們相信我們已做好充分準備，在高端運動和戶外市場實現強勁且盈利的增長，該市場仍然是所有消費者中最健康的細分市場之一。有幾個因素讓我對我們的前景充滿信心。

First, we own a unique portfolio of premium innovation-driven sports and outdoor brands. Second, Arc’teryx is a breakout brand with leading growth and profitability for the outdoor industry, driven by its disruptive direct-to-consumer model.

首先，我們擁有獨特的、以創新為驅動的高端運動和戶外品牌組合。其次，Arc'teryx 是一個突破性的品牌，憑藉其顛覆性的直接面向消費者模式，在戶外產業實現了領先的成長和獲利能力。

Third, Salomon Footwear has a comparing and unique brand position but still only a small share of the global SNC market. Fourth, our Wilson and Winter Sports Equipment franchisees already have leading market position. We'll deliver slower long-term growth except for Wilson Westeros which has significant growth potential.

第三，Salomon Footwear 擁有獨特的品牌定位，但在全球 SNC 市場中所佔份額仍然很小。第四，我們的威爾森和冬季運動器材加盟商已經佔據了市場領先地位。除了具有巨大成長潛力的威爾遜·維斯特洛斯之外，我們將實現較為緩慢的長期成長。

And fifth, we have a strong differentiated platform in Great China where we continue to deliver best-in-class performance across brands.

第五，我們在大中華區擁有強大的差異化平台，我們繼續在各個品牌中提供一流的業績。

Before I turn it over to Andrew, I will briefly recap key highlights from our three segments, starting with technical apparel. Arc’teryx delivered another excellent quarter of broad-based strength across regions, channels and categories, especially footwear and women's.

在把發言權交給安德魯之前，我將簡要回顧我們三個部分的主要亮點，首先是技術服裝。Arcâteryx 又迎來了一個表現優異的季度，在各個地區、通路和品類均展現出強勁的業績，尤其是在鞋類和女裝領域。

Technical Apparel generated a very solid 16% of income, driven by strong full price growth and also healthy segment margin expansion year-over-year. Technical Apparel sales plus 34% was our highest growth quarter of the year. We continue to envision Arc’teryx as a jewellery global brand with significant runway in all major markets, and we're encouraged that the brand is generating double-digit counts across all four regions.

科技服裝業務貢獻了 16% 的穩定收入，這主要得益於強勁的全價成長以及同比健康的細分市場利潤率擴張。科技服飾銷售額成長 34%，是我們全年成長最快的季度。我們繼續將 Arcâteryx 視為一個在全球珠寶市場擁有巨大發展空間的全球品牌，並且我們很高興地看到該品牌在所有四個地區都取得了兩位數的銷售額。

Wim was a departing category in Q4 were 40% growth. We continue to enjoy rising brand awareness with women across regions as we improve bid-style, color function and annuities. We created a significant amount of newness in women's this platform which drove notable incremental growth in key product categories.

Wim 是第四季一個成長 40% 的離職類別。隨著我們不斷改進競價方式、色彩功能和年金產品，我們在各地區的女性消費者中品牌知名度持續提升。我們在這個女性平台上創造了大量新元素，從而推動了關鍵產品類別的顯著成長。

We saw especially strong momentum in ski and integration with the CMS and also the new Endesa down jacket, which is a warm on-roof de-jacket at a pinnacle price point. Women's bottom also continued to be popular following the successful launch of the Clarke Ute and Nepes in 2025. Moving to footwear. -- which grew nearly 40%, driven by strong growth in all markets.

我們看到滑雪領域發展勢頭強勁，與 CMS 的整合也取得了顯著進展，此外還有新款 Endesa 羽絨服，這是一款保暖的屋頂脫衣服，價格極具競爭力。繼 Clarke Ute 和 Nepes 於 2025 年成功推出之後，女式下裝也繼續受到歡迎。轉向鞋類市場－該市場成長近40%，這得益於所有市場的強勁成長。

Top-performing models toward Northern ALDI the shoes, our most successful launch today, followed by the Cecotec hiking shoe, -- looking forward, Actares has an exciting pipeline of two launched for 2026, and we continue to believe footwear will be a large and profitable growth avenue for Atari -- our balance sub-brand is still small, but the growth strong double digit in Q4, and we are very excited for the future of this unique brands.

表現最佳的鞋款銷往北方ALDI超市，是我們今天最成功的新品發布，其次是Cecotec徒步鞋——展望未來，Actares在2026年有兩款令人興奮的新品即將推出，我們仍然相信鞋類將成為Atari一個龐大且盈利的增長渠道——我們的平衡子品牌規模仍然較小，但第四季度實現了這個獨特的未來。

We enter a lot of interest at the Paris Fashion Week, with showroom on tripling from last year. We expect strong double-digit growth from variance in 2026 as we further develop our collections and expand distribution.

我們在巴黎時裝週上引起了廣泛關注，展廳面積比去年增長了三倍。我們預計，隨著我們進一步開發產品系列和擴大分銷管道，2026 年產品銷售額將實現強勁的兩位數成長。

Secularity and River continue to be at the heart of our brand. We opened eight new rebar centers in Q4, bringing the total to 43%. In Q4, we increased the credit net gas receive when they trade in used access products to 30% from 50% privacy, which has driven a notable jump in trading activity.

世俗性和河流仍然是我們品牌的核心。我們在第四季度開設了八個新的鋼筋中心，使總數達到 43%。第四季度，我們將用戶交易二手接入產品時獲得的信用淨 Gas 收入從 50% 提高到 30%（隱私方面），這顯著推動了交易活動的激增。

I would also like to highlight recent initiative announcement at Arc’teryx.

我還想重點介紹一下 Arcâteryx 最近宣布的一項舉措。

First, we welcome every Baker, our first-ever Chief Brand Officer, who joined most recently from Palmhager. Every is stepping into a newly created enterprise-wide low that will bring together global marketing strategy as well as consumer experience, insight and analytics team. We also welcomed Covia Private Darryl, our new Head of EMEA. Tobia brings more than 20 years of international leadership experience across EMEA and APAC most recent at Citi and Gucci.

首先，我們歡迎 Baker 加入我們，他是我們有史以來第一位首席品牌官，最近從 Palmhager 加入我們。Every 正在步入一個新創建的企業級層級，該層級將整合全球行銷策略以及消費者體驗、洞察和分析團隊。我們也歡迎 Covia Private 的 Darryl 加入我們，他成為了我們新的 EMEA 區負責人。Tobia 在歐洲、中東、非洲和亞太地區擁有超過 20 年的國際領導經驗，最近曾在花旗集團和古馳任職。

I would also like to mention peak performance, our other technical apparel brand, which delivered solid growth in Q4. 2025 market brands returned to growth with sales increasing across all region and channels. The brand also continued to improve profitability, driven by our concentrate efforts to reduce promotions and increase full price selling.

我還想提及我們的另一個科技服飾品牌 Peak Performance，該品牌在第四季實現了穩健成長。 2025 年市場品牌恢復成長，所有地區和通路的銷售額均有所成長。品牌的獲利能力也持續提高，這得益於我們集中精力減少促銷活動，增加全價銷售。

Moving to the outdoor performance segment, which was led by another outstanding quarter from Salomon footwear and apparel and a solid performance from winter sports equipment. 2025 was a breakout year for the 79-year-old Salomon brand, which grew 35% to more than USD 2 billion of sales.

戶外運動裝備領域表現突出，Salomon鞋服業務再次取得亮眼季度業績，冬季運動裝備也表現穩健。 2025年對於擁有79年歷史的Salomon品牌而言是突破性的一年，銷售額增長35%，超過20億美元。

Salomon footwear momentum continues across all regions, especially Asia with high demand for sports tire and performance. There are several ongoing factors that give us the confidence that Salomon footwear is well positioned for significant profitable growth in the years ahead.

Salomon鞋類產品在所有地區都保持著強勁的成長勢頭，尤其是在亞洲，對運動鞋和高性能產品的需求很高。有幾個持續存在的因素讓我們相信，Salomon鞋業在未來幾年將實現顯著的獲利成長。

Number one, global sports fire momentum continues. When of Salomon's unique strength as an outdoor brand is that we are connecting with women and the younger consumer in our way traditional outdoor brand, Haven.

第一，全球運動熱潮持續升溫。Salomon 作為戶外品牌的獨特優勢在於，我們以自己的方式與女性和年輕消費者建立聯繫，這與傳統的戶外品牌 Haven 不同。

Sports style is critical to Salomon's position as the modern outdoor SNC brand. And the success of XT Whisper is the first example of how we can successfully expand spotty beyond the XT6 franchise.

運動風格對於 Salomon 作為現代戶外 SNC 品牌的地位至關重要。XT Whisper 的成功是我們可以成功地將 spotty 擴展到 XT6 系列之外的第一個例子。

Second, our performance and the running lines are also having great success. We continue to believe our new grew franchise is helping to unlock the loan category for Salomon like never before. Salomon is gaining traction in the run specialty channel in North America and EMEA and even China, which has been a sports-centric market is seeing strong traction in performance products.

其次，我們的表現和跑動路線也取得了巨大的成功。我們仍然相信，我們新發展壯大的特許經營體係正在以前所未有的方式幫助 Salomon 開拓貸款市場。Salomon 在北美和歐洲、中東及非洲地區的跑步專賣管道獲得了越來越多的關注，甚至在中國這個以運動為中心的市場，其高性能產品也獲得了強勁的成長勢頭。

Third, Salomon is amazing branded in Great China and Asia, where we believe we operate the most productive and profitable SNC shops in the industry. In 2025, Salomon's growth sales very strong double digits in -- great China driven by both sports tile and the performance as well as strong growth in apparel.

第三，Salomon 在大中華區和亞洲擁有極佳的品牌知名度，我們相信我們在那裡經營著業內最高效、最盈利的 SNC 門市。2025年，Salomon在中國的銷售額將實現兩位數的強勁成長，這主要得益於運動服飾的銷售業績以及服裝的強勁成長。

Beyond the Great China, teams experiencing certain demand in Korea and Japan, both large SNC markets. Fourth, our epicenter strategy is working.

除了大中華區之外，韓國和日本（都是大型 SNC 市場）的團隊也感受到了一定的需求。第四，我們的震央戰略正在發揮作用。

Our strategy to open a handful of brand stores around strategic elevated wholesale distribution in key metro markets is critical to elevate Salomon's presence and awareness globally. Epicentral cities include Paris, London, Shanghai, Beijing, New York, L.A., Milan and Motoco.

我們採取的策略是在重點都市市場圍繞策略性的高級批發分銷管道開設少量品牌專賣店，這對於提升 Salomon 在全球的知名度和影響力至關重要。震央城市包括巴黎、倫敦、上海、北京、紐約、洛杉磯、米蘭和摩托羅拉。

Fifth is a strong pool demand we are seeing from consumers in Europe. Salomon's home market, driving strong reorders, preorders and sell-through.

第五點是我們看到歐洲消費者對游泳池的強勁需求。Salomon 的本土市場推動了強勁的複購、預購和銷售。

For styles continues to be the growth driver, but we have also seen a real inflection in rival in Europe supported by marketing campaigns, in-store events and the running event activations. We are seeing especially strong performance in European epicenter like Paris and London, with strong double-digit ambition.

時尚潮流仍然是成長的驅動力，但我們也看到，在行銷活動、店內活動和跑步賽事推廣的支持下，歐洲的競爭格局發生了真正的轉變。我們看到，像巴黎和倫敦這樣的歐洲疫情中心地區表現特別強勁，實現了兩位數的強勁成長目標。

Also, Salomon opened its first ever office and showroom in Paris, which is designed to elevate our brand presence in the city, strengthen our connection with buyers and the community, as well as support top talent acquisition.

此外，Salomon 在巴黎開設了第一個辦公室和展廳，旨在提升我們在城市中的品牌影響力，加強我們與買家和社區的聯繫，並支持頂尖人才的招募。

Sixth is North America, which is still a much smaller sneak market for us compared to Europe or Asia. North America growth accelerate in Q4, driven by Sports Star.

第六名是北美，與歐洲或亞洲相比，北美仍然是我們規模小得多的運動鞋市場。受 Sports Star 的推動，北美市場第四季成長加速。

We remain focused on ramping up our North America direct-to-consumer footprint and the wholesale expansion with the key strategic partners. Early signs are positive as our North America order book is experiencing strong growth. Salomon is also making key investments in leadership.

我們將繼續專注於擴大我們在北美的直接面向消費者的業務規模，並與主要策略合作夥伴一起拓展批發業務。初步跡象顯示情況良好，我們在北美的訂單量正在強勁增長。所羅門公司也在領導力方面進行重要投資。

In January, we appointed our first ever creative director Hecky Salomon. Heck arrives following tenure at diesel and the most recently, MM6, and will lead both product design and the brand creative direction.

今年一月，我們任命了第一位創意總監 Hecky Salomon。Heck 先前曾在 diesel 和最近的 MM6 任職，他將領導產品設計和品牌創意方向。

Lastly, I also want to mention our winter sports equipment franchise, which had a very strong Q4 despite challenging weather conditions. The market remains healthy despite the low snow in certain regions. Bookings participations and the enthusiasm for ski and snowball are at record levels at this winter.

最後，我還想提一下我們的冬季運動器材特許經營業務，儘管天氣條件惡劣，但該業務在第四季度表現非常強勁。儘管某些地區降雪量較少，但市場仍保持健康。今年冬季，滑雪和打雪仗的預訂量和參與熱情均創歷史新高。

The recent Milano Cortina Winter Olympic games were a big moment for AMR Sports Group, especially saleable who upfit all 27,000 official staff and volunteers had too. Between salmon Actaris peak performance, Hamada and also appoint which is already one of the most successful PSCIraising brands in history. Our brand sponsored more than 200 assets at the game, winning an incredible 59 metals are dominant performance. Congratulations to our Sand teams.

最近的米蘭科爾蒂納冬季奧運會對於 AMR 體育集團來說是一個重要的時刻，尤其是銷售部門，他們為所有 27,000 名官方工作人員和志工配備了裝備。在鮭魚 Actaris 巔峰表現、Hamada 和 Appoint 之間，後者已經是歷史上最成功的 PSCIraising 品牌之一。我們的品牌贊助了比賽中的 200 多個項目，贏得了令人難以置信的 59 枚獎牌，表現出色。恭喜我們的沙盤製作團隊。

Moving to Boranda, which had a strong sales grew 14%, driven by continued strength in softwood and return to growth in baseball and acceleration in golf. Worten Softgoods continues its explosive growth summary in 2025, including very strong double-digit growth in Q4.

搬到博蘭達後，銷售額成長了 14%，這主要得益於軟木的持續強勁、棒球的恢復成長以及高爾夫的加速發展。Worten Softgoods 2025 年持續保持爆炸性成長，其中第四季實現了非常強勁的兩位數成長。

Our Wessoftgoods offering is resonating with consumers in both wholesale and direct-to-consumer channels and across all major regions.

我們的 Wessoftgoods 產品在批發和直接面向消費者的管道以及所有主要地區都受到了消費者的歡迎。

Wilson is unique in its ability to offer Tennis assets from petite, including racks and accessories, and we are excited to have signed six new Worten 1360 assets on to, including Woop10player, Arixtra, bringing our total account to 16 players. Beyond pens, we also saw a return to growth in baseball. Driven by strong bet sales, led by the Louisville Slater and 5 other banks among the top 10 this season.

Wilson 的獨特之處在於它能夠提供小巧的網球用品，包括球架和配件，我們很高興與 Woop10player、Arixtra 等六家新的 Worten 1360 品牌簽約，使我們的品牌總數達到 16 家。除了鋼筆之外，棒球也出現了成長。受強勁投注額的推動，路易斯維爾·斯萊特銀行和本賽季排名前十的其他 5 家銀行位列其中。

Lastly, before I turn over to Andrew, I'm pleased to announce Carrie Ask as the next President and CEO of Western brands, effective March 1. Carrie is a proven brand CEO and the seaside executive with great experience in the global soft goods, sports and auto industries, including Harry Hansen, Lewis and Nike.

最後，在將發言權交給安德魯之前，我很高興地宣布，凱莉·阿斯克將出任西部品牌公司下一任總裁兼首席執行官，自 3 月 1 日起生效。Carrie 是一位經驗豐富的品牌 CEO 和海濱高管，在全球軟商品、運動和汽車行業擁有豐富的經驗，曾任職於 Harry Hansen、Lewis 和 Nike 等公司。

She began her career as an officer in the United States Navy serving both in the US and abroad. We are excited to welcome Carrie to the Wilson and a sports team.

她最初在美國海軍擔任軍官，曾在美國和海外服役。我們非常高興地歡迎凱莉加入威爾森大學和運動團隊。

With that, I will turn it over to Andrew.

接下來，我將把麥克風交給安德魯。

Thanks, James. We had another strong performance in Q4 with healthy sales growth, gross margin expansion and EPS despite our decision to accelerate investment behind Salomon.

謝謝你，詹姆斯。儘管我們決定加快對 Salomon 的投資，但第四季度我們依然取得了強勁的業績，銷售額實現了健康增長，毛利率和每股收益均有所提高。

The strong sales and profitability of the Amer Sports portfolio allows us to accelerate resources behind the large Solomon sneaker opportunity while still delivering great results at the group level.

Amer Sports 產品組合強勁的銷售額和盈利能力使我們能夠加快對 Solomon 運動鞋這一大型機遇的資源投入，同時在集團層面仍然取得優異的業績。

Let's first take a moment to reflect on the key highlights of 2025. Amer Sports Group delivered 27% growth in 2025 with broad-based strength across brand segments, regions, channels and categories. Arc’teryx continued its very strong trajectory.

讓我們先花點時間回顧一下 2025 年的主要亮點。Amer Sports Group 預計到 2025 年將實現 27% 的成長，並在品牌細分、地區、通路和類別方面擁有廣泛的實力。Arcâteryx 持續保持強勁的成長動能。

Salomon Softgoods entered rapid growth mode and Wilson Tennis 360 move the needle in our Ball & Racquet segment. We delivered meaningful adjusted operating margin expansion from 11.1% in 2024 to 12.8% in 2025.

Salomon Softgoods 進入快速成長模式，而 Wilson Tennis 360 則推動了我們球拍和球類產品領域的成長。我們實現了調整後營業利潤率的顯著成長，從 2024 年的 11.1% 成長到 2025 年的 12.8%。

We also continued to reduce our leverage ratio effective tax rate and annual interest expense, leading to strong operating and free cash flow generation.

我們也持續降低槓桿率、有效稅率和年度利息支出，從而實現了強勁的營運現金流和自由現金流。

Now turning to our Q4 results. Amer Sports grew sales 28% in Q4 on a reported basis and 26% in constant currency. The strong group sales performance was led by technical apparel and outdoor performance, while Ball & Racquet also delivered solid growth in the quarter.

現在來看我們第四季的業績。Amer Sports第四季銷售額按報告匯率計算成長了28%，以固定匯率計算成長了26%。集團強勁的銷售業績主要得益於技術服裝和戶外運動裝備的銷售，而球拍和球類產品在本季度也實現了穩健增長。

By channel, the group continued to be led by DTC, which grew 38% led by Salomon Softwoods. Wholesale grew 18% globally, which was led by Arc’teryx.

按通路劃分，該集團繼續以 DTC 管道為主導，其中 Salomon Softwoods 的貢獻最大，成長了 38%。全球批發業務成長了 18%，其中 Arcâteryx 引領了這一成長。

Regional growth was led by Asia Pacific, which grew 53%, followed by Greater China, which increased 42%. EMEA grew 21% and the Americas generated 18% growth.

亞太地區引領區域成長，成長 53%，其次是大中華區，成長 42%。歐洲、中東和非洲地區成長了 21%，美洲地區成長了 18%。

Moving down the P&L. Adjusted gross margin increased 140 basis points to 57.8% in Q4, primarily driven by positive segment, regional and channel mix shift.

向下移動損益表。第四季調整後毛利率成長 140 個基點至 57.8%，主要得益於積極的細分市場、區域和通路組合變化。

Adjusted SG&A expense as a percentage of revenue deleveraged by 220 basis points and represented 45.5% of revenues in Q4 versus 43.3% of revenues last year. The deleverage was primarily driven by outdoor performance as Salomon made the decision in Q4 to accelerate investments to support healthy long-term growth.

經調整的銷售、一般及行政費用佔收入的百分比下降了 220 個基點，第四季度佔收入的 45.5%，而去年同期為 43.3%。去槓桿化主要得益於戶外業務的出色表現，因為 Salomon 在第四季度決定加快投資，以支持健康的長期成長。

Also, the strong growth of Wilson Softwood continues to drive elevated SG&A investment within Ball & Racquet.

此外，威爾遜軟木的強勁成長持續推動球拍業務的銷售、管理及行政費用增加。

These factors were partially offset by Technical Apparel, which achieved SG&A leverage in Q4. Driven by the higher SG&A investments, as well as lower other operating income, our adjusted operating margin declined 110 basis points from 13.6% last year to 12.5% in Q4. Corporate expenses were $40 million, up from $12 million in Q4 last year, driven by higher share-based compensation.

技術服裝業務在第四季度實現了銷售、管理及行政費用槓桿效應，部分抵銷了這些因素。受銷售、一般及行政費用增加以及其他營業收入減少的影響，我們第四季的調整後營業利潤率從去年的 13.6% 下降了 110 個基點至 12.5%。公司支出為 4,000 萬美元，高於去年第四季的 1,200 萬美元，主要原因是股權激勵支出增加。

In addition, last year in Q4, corporate expenses benefited from certain onetime accounting reclassifications related to net finance costs. D&A was $106 million, which includes $48 million of ROU depreciation. Adjusted net finance cost in the quarter was $21 million, which comprised primarily of $20 million of interest expense.

此外，去年第四季度，公司支出受益於與淨財務成本相關的某些一次性會計重分類。折舊和攤提費用為 1.06 億美元，其中包括 4,800 萬美元的使用權折舊。本季調整後的淨融資成本為 2,100 萬美元，其中主要包括 2,000 萬美元的利息支出。

In the quarter, our adjusted income tax expense was $65 million, which equates to an adjusted effective tax rate of 27%. Adjusted net income was $176 million in Q4 compared to $90 million in the prior year period.

本季度，我們的調整後所得稅支出為 6,500 萬美元，相當於調整後的實際稅率為 27%。第四季調整後淨收入為 1.76 億美元，而上年同期為 9,000 萬美元。

Adjusted diluted earnings per share was $0.31 compared to $0.17 last year.

經調整後的稀釋每股收益為 0.31 美元，去年同期為 0.17 美元。

Turning to segment results. Technical Apparel revenues increased 34% to $1 billion, led by Arc’teryx. Growth was fuelled by both 37% wholesale growth and 34% D2C expansion. Technical Apparel generated a strong 6% Omnicom, led by full-price selling as we intentionally pulled back our participation in key promotional events, including Black Friday and Double 11.

接下來查看細分市場結果。技術服裝收入成長 34% 至 10 億美元，其中 Arcâteryx 表現突出。成長主要得益於批發業務成長 37% 和 D2C 業務擴張 34%。科技服裝業務為 Omnicom 帶來了 6% 的強勁成長，這主要得益於全價銷售，因為我們有意減少了參與黑色星期五和雙十一等重要促銷活動。

Regionally, the Technical Apparel growth rate was led by Asia Pacific, Greater China, the Americas and EMEA. All regions grew strong double digits.

從區域來看，亞太地區、大中華區、美洲和歐洲、中東及非洲地區的技術服飾成長率領先。所有地區均實現了兩位數的強勁增長。

Q4 was the first full quarter post the Korea distributor acquisition, which contributed a low- to mid-single-digit percentage to technical apparel's growth rate in Q4.

第四季度是收購韓國分銷商後的第一個完整季度，對第四季度技術服裝的成長率貢獻了低至中等個位數百分比。

In Q4, Arc’teryx opened 15 net new stores with 21 openings offset by the closure of 6 legacy locations as part of our ongoing strategy to optimize the quality and productivity of our store fleet.

第四季度，Arcâteryx 淨增 15 家門市，同時關閉了 6 家老店，以抵消新開店的 21 家門市，這是我們持續優化門市品質和生產力策略的一部分。

New store openings included the new Arc’teryx outlet store in Rockefeller Centre in New York City and Mountain Town stores in Aspen and Park City. Arc’teryx also opened stores in Canada, Japan, Australia and China in the quarter.

新店開幕包括位於紐約市洛克斐勒中心的 Arcâteryx 暢貨店，以及位於阿斯本和帕克城的 Mountain Town 門市。Arcâteryx 在本季還在加拿大、日本、澳洲和中國開設了門市。

Looking back at full year 2025, we opened 24 net new stores, excluding the Korea acquisition, and we plan to open 25 to 30 net new Arc’teryx stores in 2026, with the largest number coming in North America and also China.

回顧 2025 年全年，我們淨增 24 家門市（不包括韓國收購的門市），我們計劃在 2026 年淨增 25 至 30 家 Arcâteryx 門市，其中北美和中國門市數量最多。

Our store opening plan incorporates a similar level of gross new stores as in 2025, partially offset by the continued closure of certain outlets and other suboptimal locations. In Greater China, as planned, we had slight net store closures in 2025 which includes partner stores.

我們的門市開設計畫與 2025 年的新店總數大致相同，但部分被某些門市和其他位置欠佳的門市的持續關閉所抵消。在大中華區，正如計劃的那樣，我們在 2025 年略微減少了門市淨關閉數量，其中包括合作門市。

However, we still grew our own store count and overall square footage in China by opening larger format, higher quality, more productive locations. In North America, I want to highlight our second New York City Alpa store, which opened in October on Fifth Avenue at Rockefeller Centre.

然而，我們透過開設規模更大、品質更高、效率更高的門市，在中國仍然增加了門市數量和總面積。在北美，我想重點介紹我們在紐約市的第二家 Alpa 門市，該店於 10 月在第五大道洛克菲勒中心開業。

The store is the most pinnacle expression of the brand in the US and we are encouraged by the strong sales this winter. The newly opened Mountain town stores in Aspen and Park City are also off to great starts. We were very pleased by Technical Apparel strong operating margin expansion in Q4.

這家門市是該品牌在美國的最高代表，我們對今年冬季強勁的銷售業績感到鼓舞。阿斯彭和帕克城新開的Mountain Town商店也取得了良好的開局。我們對第四季度技術服裝業務強勁的營業利潤率成長感到非常滿意。

Adjusted operating margin expanded 160 basis points to 25.9% driven by strong flow-through of revenue upside in the form of SG&A leverage.

經調整後的營業利潤率成長了 160 個基點，達到 25.9%，主要得益於銷售、一般及行政費用槓桿作用帶來的收入成長的強勁傳導效應。

This is a great proof point behind our confidence in the scalability of Arc’teryx highly productive store model as they comp positively over time.

這有力地證明了我們對 Arcâteryx 高效門市模式可擴展性的信心，因為隨著時間的推移，它們的業績表現良好。

Moving to our Outdoor Performance segment, which saw revenues increased 29% to $764 million, driven by very strong performance in Salomon footwear, apparel, bags and socks and also supported by strong double-digit growth in Winter Sports Equipment.

再來看我們的戶外運動裝備業務，該業務收入增長了 29%，達到 7.64 億美元，這主要得益於 Salomon 鞋類、服裝、包袋和襪子的強勁表現，以及冬季運動裝備兩位數的強勁增長。

By channel, outdoor performance D2C grew 55% led by new doors and higher productivity across markets, especially in APAC and Greater China. Outdoor performance generated a 28% omni comp with strength in both stores and online.

按通路劃分，戶外銷售業績 D2C 成長了 55%，這主要得益於新門市的推出以及各市場（尤其是亞太地區和大中華區）生產效率的提高。戶外運動產品實現了 28% 的全通路銷售成長，在實體店和線上銷售均表現強勁。

Wholesale grew 17%, driven especially by strong results in Greater China and EMEA Regionally, the outdoor performance growth rate was led by APAC in Greater China, followed by EMEA and the Americas.

批發業務成長了 17%，這主要得益於大中華區和歐洲、中東及非洲地區的強勁業績。從區域來看，戶外性能成長率由大中華區的亞太地區引領，其次是歐洲、中東及非洲地區和美洲地區。

The popularity of Salomon footwear continues to inflect globally, and we are doing everything we can to ensure we are well positioned to fully develop this large opportunity over time. Salomon is positioned for significant growth in all three consumer regions, and we are working hard to build the right team, operational, go-to-market and brand-building functions to support our growth.

Salomon 鞋履在全球範圍內持續受到歡迎，我們正在盡一切努力確保我們能夠抓住這一巨大機遇，並在未來充分開發利用這一機會。Salomon 已做好在所有三個消費區域實現顯著成長的準備，我們正在努力打造合適的團隊、營運、市場推廣和品牌建立職能，以支持我們的成長。

In Asia, D2C continues to be the critical growth channel for Salomon led by our highly productive Salomon compact shop format. We opened 33 net new Salomon shops in Greater China this quarter, including both owned stores and partner stores, bringing our total count a year into 286 stores, adding nearly 100 new doors in 2025.

在亞洲，D2C 仍然是 Salomon 的關鍵成長管道，這得益於我們高效的 Salomon 緊湊型店鋪模式。本季我們在大中華區淨增33家Salomon門市，包括自營店和合作店，使我們的門市總數達到286家，預計到2025年將新增近100家門市。

In 2026, we expect to continue store expansion in Greater China, but at a more moderate rate, adding approximately 35 net stores to the fleet. In December, we reopened the Salomon flagship store in Chendu. The store design is inspired by local Sechin mountain scenery and it is the first flagship store combining winter sports and trail ready.

2026 年，我們預計將繼續在大中華區擴張門市，但速度會更加溫和，淨增約 35 家門市。12月，我們重新開設了位於成都的Salomon旗艦店。該店的設計靈感源自當地雪欽山景，是第一家將冬季運動和戶外運動相結合的旗艦店。

In APAC, we opened eight new Salomon stores in Q4, including Japan, Australia and Korea. The region finished the year with 113 Salomon stores, including partner stores with 44 net new openings in 2025. Overall brand awareness and demand for Salomon footwear is growing rapidly across Asia.

在亞太地區，我們在第四季開設了八家新的 Salomon 門市，包括日本、澳洲和韓國。該地區年底共有 113 家 Salomon 門市，包括合作門市，預計 2025 年將淨增加 44 家。Salomon鞋履在亞洲的整體品牌知名度和需求正在迅速增長。

In the Americas, Salomon's Softgoods growth further accelerated as we continue to lay the groundwork to support significant future growth. We are excited to see very strong order books for both spring/summer and fall/winter for 2026 with growing demand across a variety of high-quality retail partners, including RAI, Nordstrom, JD Sports, run specialty shops and other specialty retailers.

在美洲，隨著我們繼續為支持未來顯著成長奠定基礎，Salomon 的軟商品業務成長進一步加速。我們很高興地看到，2026 年春夏和秋冬的訂單量都非常強勁，來自 RAI、Nordstrom、JD Sports、Run 專業商店和其他專業零售商等各種優質零售合作夥伴的需求都在不斷增長。

We also have improved our inventory position to answer the growing demand. Our brand awareness continues to rise across the Greater New York area as our shop in Soho continues to show great traction with consumers and we opened our second New York store in Williamsburg, Brooklyn in Q4.

我們也改善了庫存狀況，以滿足不斷增長的需求。隨著我們在 Soho 的門市持續受到消費者的熱烈歡迎，我們的品牌知名度在整個大紐約地區的影響力不斷提升。第四季度，我們在布魯克林威廉斯堡開設了第二家紐約門市。

The Williamsburg location strengthens our presence in the core New York Epicenter performing very well out the gate. Globally and in North America, we will continue to focus on our Epicenter Strategy in 2026 and beyond, particularly New York, Los Angeles and Miami. We currently plan to open 7 to 10 new Salomon shops in the US this year.

威廉斯堡的地理位置鞏固了我們在紐約核心區域的地位，並且一開業就表現出色。在全球範圍內以及北美地區，我們將繼續在 2026 年及以後重點關注我們的震央策略，特別是紐約、洛杉磯和邁阿密。我們目前計劃今年在美國開設 7 至 10 家新的 Salomon 門市。

In EMEA, we continue to expand our store fleet and key episodes, including a third brand store in Milan and a fourth in London. And we will further develop our Europe epicentres into Spain, Germany and other key UK cities in 2026.

在歐洲、中東和非洲地區，我們繼續擴大門市數量和重點門市，包括在米蘭開設第三家品牌店，在倫敦開設第四家品牌店。2026年，我們將進一步將我們的歐洲中心發展到西班牙、德國和英國其他主要城市。

For our Winter Sports equipment brands, Q4 was a strong quarter with double-digit growth despite lower snow levels in the ALP and the Rockies. In addition to strong market share in our core ski, boot and binding franchises, we continue to see incremental growth opportunities in areas such as snowboarding and protective equipment.

儘管阿爾卑斯山和落基山脈的降雪量有所下降，但我們的冬季運動裝備品牌在第四季度仍實現了兩位數的成長，表現強勁。除了在核心滑雪板、雪鞋和固定器產品領域擁有強大的市場份額外，我們還在單板滑雪和防護裝備等領域看到了持續成長的機會。

Moving to Outdoor Performance P&L. Adjusted operating profit margin contracted 490 basis points to 6.2% as Salomon made the decision to accelerate SG&A investments to support its significant growth opportunity in the global softgoods market. Outdoor Performance gross margin continued to expand, driven by positive mix shift across product, region and channel. This was more than offset by higher SG&A in Q4 driven by key investments to fuel Salomon's long-term global growth.

移至戶外性能損益表。由於 Salomon 決定加快 SG&A 投資以支持其在全球軟商品市場的巨大成長機會，調整後的營業利潤率下降了 490 個基點至 6.2%。受產品、地區和通路組合的積極變化所推動，戶外性能業務的毛利率持續成長。第四季較高的銷售、一般及行政費用抵銷了上述影響，這主要是由於為推動所羅門兄弟的長期全球成長而進行的關鍵投資所致。

These investments include impactful marketing campaigns to drive long-term brand awareness, including XT-Whisper and gravel, the MECO Olympics-related marketing, Also, we accelerated retail expansion, especially in China, where we opened 25 net new brand stores in Q4.

這些投資包括旨在提升長期品牌知名度的有影響力的行銷活動，包括 XT-Whisper 和 gravel，以及與奧運相關的 MECO 行銷活動。此外，我們也加快了零售擴張，尤其是在中國，我們在第四季淨增了 25 家品牌專賣店。

And Lastly, we increased investment in talent and operations, including higher incentive compensation given Salomon's performance versus plan, new talent acquisitions, such as our new Creative Director, Endostim, and opening Salomon's new Paris hub.

最後，我們增加了對人才和營運的投資，包括根據 Salomon 的業績與計劃的差距提高激勵性薪酬，引進新的人才，例如我們的新創意總監 Endostim，以及開設 Salomon 新的巴黎中心。

I want to emphasize that we are seeing tangible benefits and high returns from our accelerated investments, including meaningful uplift in Salomon's brand awareness since 2023, which has increased 15 points globally, including plus 15 points in Paris and plus 10 points in London.

我想強調的是，我們已經從加速投資中看到了切實的好處和高回報，包括自 2023 年以來 Salomon 品牌知名度的顯著提升，在全球範圍內提高了 15 個百分點，其中巴黎提高了 15 個百分點，倫敦提高了 10 個百分點。

Moving to Ball & Racquet. Revenue increased 14% to $337 million, driven by soft goods, baseball and golf. We continue to see very strong momentum in Tennis 360 globally. By category, the growth was led by soft goods, up very strong double digits with continued momentum in all regions. Softgoods now represents approximately 15% of segment revenue.

移至球拍和球類運動版。受軟品、棒球和高爾夫的推動，營收成長14%至3.37億美元。我們看到Tennis 360在全球範圍內持續保持強勁的發展勢頭。按品類劃分，軟性商品引領成長，實現了兩位數的強勁成長，且在所有地區都保持了持續成長動能。軟商品目前約佔該業務板塊收入的 15%。

Racquets had slower growth in the quarter due to timing of product launches and wholesale shipments, while underlying demand remained strong, with double-digit growth 2025 was a great year for rackets, and we have exciting performance racket launches in 2026.

由於產品發布和批發發貨的時間安排，球拍在本季度增長放緩，但潛在需求依然強勁，實現了兩位數的增長。 2025 年是球拍的豐收年，我們將在 2026 年推出令人興奮的高性能球拍。

Baseball returned to growth driven by strong performance in bets, driven by successful product launches in fall of 2025 and golf ended the year with improved margins and solid growth, especially in EMEA and APAC driven by a strong product offering.

棒球運動在投注額強勁增長的推動下重回成長軌道，這得益於 2025 年秋季成功的產品發布；而高爾夫運動在年底實現了利潤率的提高和穩健增長，尤其是在歐洲、中東和非洲地區以及亞太地區，這主要得益於強大的產品供應。

In other categories, we saw inflatable stabilizing in Q4 and returning to slight growth following a challenging first 9 months. Regionally, the Ball & Racquet growth rate was led by China, followed by meaningfully accelerating growth in Americas, EMEA and partially offset by a slight decline in APAC.

在其他類別中，我們看到充氣產品在第四季度趨於穩定，並在經歷了充滿挑戰的前 9 個月後恢復了小幅增長。從區域來看，球拍和球類運動的成長速度以中國為首，其次是美洲、歐洲、中東和非洲地區的顯著加速成長，但亞太地區的略微下滑部分抵消了這一成長。

We had 10 new owned Wilson brand stores opening globally in Q4, split between Greater China and APAC. Wilson Tennis 360 shops are performing well in China, and we opened 13 new shops in Q4, including partner doors. This brings the total owned and partner store count 77.

第四季度，我們在全球開設了 10 家新的威爾遜自有品牌門市，分別位於大中華區和亞太地區。Wilson Tennis 360 門市在中國的業績表現良好，我們在第四季度開設了 13 家新店，其中包括合作門市。這使得自有門市和合作門市總數達到 77 家。

And in 2026, we plan to open approximately 30 Wilson Tennis 360 shops in China between owned and partnered doors.

到 2026 年，我們計劃在中國開設約 30 家 Wilson Tennis 360 專賣店，包括自營店和合作店。

APAC also continues to drive meaningful Wilson Softgoods growth. Our first store in Japan in Tokyo's Marinucci District and two stores in Melbourne, Australia are off to great starts. In North America, improving Ball & Racquet growth was led by baseball and softgoods. In softgoods, we saw strong e-commerce comp growth in the region.

亞太地區也持續推動威爾遜軟商品實現顯著成長。我們在日本東京馬裡努奇區開設的第一家門市以及在澳洲墨爾本開設的兩家店都取得了非常好的開局。在北美，球拍類商品的成長主要由棒球和相關軟品帶動。在軟商品領域，我們看到該地區的電子商務同店銷售額實現了強勁成長。

Our expansion into warmer southern markets is continuing to drive strong results.

我們向氣候溫暖的南方市場擴張，並持續取得強勁的業績。

Our Dallas NorthPark Mall continues to perform very well, and we continue to expand our new Tennis 360 concept store into more Southern and coastal locations including our new shops in Beverly Hills and Miami. We also continue to expand our Tennis 360 60 offering into more Dick sporting goods locations, including House of Sports.

我們在達拉斯北園購物中心的業績持續表現良好，我們也將繼續把新的 Tennis 360 概念店擴展到更多南部和沿海地區，包括我們在比佛利山莊和邁阿密的新店。我們將繼續擴大 Tennis 360 60 的產品線，將其推廣到更多 Dick's 體育用品商店，包括 House of Sports。

Ball & Racquet segment adjusted operating profit margin improved 110 basis points to negative 2.6%, driven by solid gross margin expansion related to less promotional activity and better regional channel mix. This was partially offset by SG&A deleverage due to investments in softgoods.

球拍業務部門調整後的營業利潤率改善了 110 個基點，達到 -2.6%，這主要得益於促銷活動減少和區域通路組合改善帶來的毛利率穩定成長。由於對軟商品的投資，銷售、管理及行政費用槓桿率降低，部分抵銷了上述影響。

Now turning to the group balance sheet.

現在來看集團資產負債表。

Ending 2025 with $291 million of net debt and only 0.3times net leverage, our financial foundation has never been stronger. We generated $730 million of operating cash flow in 2025 compared to $425 million last year driven by strong profit growth and disciplined working capital management.

到 2025 年底，我們的淨債務為 2.91 億美元，淨槓桿率僅 0.3 倍，我們的財務基礎從未如此穩固。2025 年，我們實現了 7.3 億美元的營運現金流，而去年為 4.25 億美元，這得益於強勁的利潤成長和嚴格的營運資本管理。

Additionally, given our strong financial position, post year-end in January, we announced a redemption of $80 million of our outstanding $800 million, 6.75% senior secured notes at a redemption price of 103.

此外，鑑於我們強勁的財務狀況，在1月份年末之後，我們宣布以103的贖回價格贖回我們未償還的8億美元、6.75%的高級擔保票據中的8000萬美元。

We ended 2025 with inventories up 33% year-over-year, slightly elevated compared to our 27% sales growth as expected.

截至 2025 年底，我們的庫存年增 33%，略高於預期的 27% 的銷售成長率。

We remain very comfortable with the level and quality of our inventory. The higher inventory growth is primarily related to four factors. Number one, earlier of seasonal arctic merchandise to prepare for better in-stock position two, higher Arc’teryx goods in transit resulting from the greater use of ocean shipping versus airfreight.

我們對庫存的水平和品質仍然非常滿意。庫存成長加快主要與以下四個因素有關。第一，提前儲備季節性北極商品，以改善庫存狀況；第二，由於更多地使用海運而非空運，導致 Arcâteryx 商品在途數量增加。

Three, FX translation from the weaker US dollar and four, the addition of Arc’teryx Korea inventory following the recent acquisition. We expect inventory growth rate to normalize beginning in the second half of 2026 when we start to cycle our improved in-stock positions and the higher use of ocean freight.

第三，美元走軟導致的外匯兌換；第四，近期收購後 Arcâteryx 韓國庫存增加。我們預計，從 2026 年下半年開始，隨著庫存狀況的改善和海運使用量的增加，庫存成長率將趨於正常化。

A quick housekeeping item as we turn to guidance. Beginning in Q1 2026, we would discontinue allocating certain corporate expenses that are not directly attributable to the operating performance of our reportable segments.

在進入指導部分之前，先簡單交代一下其他事項。從 2026 年第一季開始，我們將停止分配某些與可報告分部經營績效無直接關聯的公司費用。

There will be no impact to our overall group adjusted operating profit margin it is simply reallocating certain costs from segments to corporate. For the full year of 2026, we expect group corporate expenses to increase by approximately 60 basis points or approximately $50 million related to costs reallocated from the segments.

這不會對集團整體調整後營業利潤率產生任何影響，只是將某些成本從業務部門重新分配到公司總部而已。預計 2026 年全年集團公司費用將增加約 60 個基點，約 5,000 萬美元，這與從各業務部門重新分配的成本有關。

These cost reallocations to corporate will most benefit the outdoor performance and Ball & Racquet segment margins and have a much more muted benefit to technical apparel.

這些向公司重新分配的成本將最有利於戶外運動和球拍類產品的利潤率，而對技術服裝的益處則要小得多。

Now turning to guidance. Guidance assumes the latest tariff rates on all countries will stay in place for the remainder of 2026 and beyond. 2026 is off to a strong start, and given the continued momentum from our highest-margin Arc’teryx franchise, accelerating solo and soft goods plus the solid foundation of our equipment franchises, we are confident in our ability to deliver another very strong financial performance in 2026.

現在進入指導環節。業績指引假設所有國家的最新關稅稅率將在2026年剩餘時間及以後保持不變。 2026年開局強勁，鑑於我們利潤率最高的Arc'teryx品牌持續成長，以及單品和軟商品業務的加速發展，再加上我們設備業務的穩固基礎，我們有信心在2026年再次取得非常出色的財務業績。

For the full year, we expect reported group revenue growth between 16% and 18%, which assumes a 200 basis point benefit from favorable FX impact at current exchange rates.

我們預計全年集團報告營收成長在 16% 至 18% 之間，這假設當前匯率下有利的外匯影響將帶來 200 個基點的收益。

We expect group adjusted gross margin of approximately 59% for the full year with the margin expansion continuing to be driven by mix shift benefits, as we said in the past, we are confident in our position to manage through a variety of tariff scenarios given our relatively low exposure to the US, strong brand portfolio with pricing power and clean balance sheet.

我們預計全年集團調整後毛利率約為 59%，毛利率的擴張將繼續受到產品組合調整帶來的收益的推動。正如我們之前所說，鑑於我們對美國市場的風險敞口相對較低、擁有強大的品牌組合和定價能力以及健康的資產負債表，我們有信心應對各種關稅情況。

We continue to expect an immaterial impact on our group P&L from higher tariffs in 2026. We expect adjusted operating margin of 13.1% to 13.3% towards the low end of our long-term guidance of 30 to 70 bps of improvement, primarily due to the accelerating Salomon investment, opting for long-duration profitable growth over near-term profit flow-through.

我們仍預期，2026 年關稅上漲對集團損益的影響微乎其微。我們預計調整後的營業利潤率為 13.1% 至 13.3%，接近我們長期指導目標的下限，即提高 30 至 70 個基點，這主要是由於 Salomon 投資加速，選擇長期盈利增長而非短期利潤流出。

We are committed to investing behind the large growth opportunities in front of our Arc’teryx, Solomon and Wilson Tennis 360 while still delivering against our long-term financial algorithm. Our tariff size and profitability and our strong sales growth and gross margin expansion at the group level allow us the flexibility to invest behind Salomon and Wilson Tennis 360 in a way they could not as stand-alone entities.

我們致力於投資 Arcâteryx、Solomon 和 Wilson Tennis 360 等品牌，抓住它們巨大的成長機遇，同時實現我們的長期財務演算法目標。我們在集團層面的關稅規模和盈利能力，以及強勁的銷售成長和毛利率擴張，使我們能夠靈活地對 Salomon 和 Wilson Tennis 360 進行投資，而它們作為獨立實體則無法做到這一點。

We believe this is a unique advantage of our portfolio. Corporate expense is expected to be approximately $225 million, which includes approximately $50 million of costs previously allocated to the segments that I mentioned above.

我們認為這是我們投資組合的獨特優勢。公司支出預計約為 2.25 億美元，其中包括先前分配給我上面提到的各個部門的約 5,000 萬美元成本。

We assume full year net finance costs of $105 million to $110 million, higher than 2025 due to a normalizing FX impact on the revaluation of certain nonmonetary assets as well as higher imputed interest expense on store leases as our retail network grows.

我們預計全年淨融資成本為 1.05 億美元至 1.1 億美元，高於 2025 年的水平，這是由於匯率正常化對某些非貨幣資產重估的影響，以及隨著零售網絡的增長，門店租賃的隱含利息支出增加所致。

The effective tax rate is expected to be approximately 28%. And this is an increase from 2025 as we generate a higher percentage of our taxable income and higher tax jurisdictions and also as we cycle a onetime discrete tax benefit in the second quarter of 2025.

實際稅率預計約28%。與 2025 年相比，這一數字還會上升，因為我們的應稅收入比例更高，稅收管轄區也更高，而且我們在 2025 年第二季度還將獲得一次性的稅收優惠。

We expect adjusted diluted EPS of $1.10 to $1.15, which is based on approximately 564 million fully diluted shares.

我們預計調整後的稀釋每股收益為 1.10 至 1.15 美元，這是基於約 5.64 億股完全稀釋股份計算得出的。

Also, we are assuming depreciation and amortization of approximately $400 million, including approximately $170 million of ROU depreciation. CapEx is expected to be approximately $400 million versus $310 million in 2025. The increase is mainly driven by increasing key investments in IT infrastructure and retail expansion.

此外，我們假設折舊和攤提約為 4 億美元，其中包括約 1.7 億美元的 ROU 折舊。預計資本支出約 4 億美元，而 2025 年則為 3.1 億美元。成長主要由IT基礎設施和零售擴張的關鍵投資增加所驅動。

Turning to the segments. Our full year sales forecast incorporates 18% to 20% growth in Technical Apparel, 18% to 20% growth in outdoor performance and 7% to 9% growth in Ball & Racquet. For Technical Apparel, we expect adjusted operating margin of approximately 22%.

接下來進入分段部分。我們全年的銷售預測包括：科技服飾成長 18% 至 20%，戶外運動服飾成長 18% 至 20%，球類和球拍類產品成長 7% 至 9%。對於科技服裝，我們預計調整後的營業利潤率約為 22%。

We expect Outdoor Performance segment margin of 14.5% to 14.8% and we expect Ball & Racquet margin of 4.7% to 5%. All three segments should generate gross margin expansion driven by mix shift, partially offset by higher SG&A reinvestment.

我們預計戶外運動器材業務的利潤率為 14.5% 至 14.8%，球拍業務的利潤率為 4.7% 至 5%。三個業務板塊應因產品組合調整而實現毛利率擴張，但部分會被更高的銷售、一般及行政費用再投資所抵銷。

While we don't usually provide quarterly segment guidance, given the Q4 2025 margin fluctuation in outdoor performance resulting from accelerated Salomon investments, I want to provide a little extra margin color for Q1 2026.

雖然我們通常不提供季度分部業績指引，但鑑於 Salomon 加速投資導致 2025 年第四季戶外業務利潤率出現波動，我想對 2026 年第一季的利潤率做一些補充說明。

Although we will continue to invest heavily to support Salomon's growth, we do expect outdoor performance to return to modest year-over-year margin expansion in Q1.

儘管我們將繼續大力投資以支持 Salomon 的成長，但我們預計戶外業務的業績將在第一季恢復到同比小幅成長。

Turning to first quarter guidance. We expect reported revenue growth for the group in the range of 22% to 24%, which assumes a 500 basis points benefit from favourable FX impact at current exchange rates.

接下來是第一季業績展望。我們預計該集團的報告收入增長率在 22% 至 24% 之間，這假設當前匯率下有利的外匯影響帶來 500 個基點的收益。

We expect adjusted gross margin to be approximately 59% in 1Q 2026 and adjusted operating profit margin to be 14% to 14.5%. Our net finance cost for the quarter will be approximately $27 million, and the effective tax rate would be approximately 28%. We expect adjusted diluted earnings per share of $0.28 to $0.30.

我們預計 2026 年第一季調整後的毛利率約為 59%，調整後的營業利潤率為 14% 至 14.5%。本季淨融資成本約 2,700 萬美元，實際稅率約 28%。我們預計調整後稀釋每股收益為 0.28 美元至 0.30 美元。

Lastly, I would note that should strong trends continue and better-than-anticipated demand materialize, we believe we are well positioned to deliver financial performance ahead of our expectations.

最後，我想指出，如果強勁的趨勢持續下去，並且需求好於預期，我們相信我們有能力實現超出預期的財務表現。

With that, I'll turn it back to the operator for Q&A.

這樣，我就把問題交還給接線生進行問答環節。

(Operator Instructions) Michael Binetti, Evercore ISI.

（操作說明）Michael Binetti，Evercore ISI。

Hey guys, thanks for taking our question here. I appreciate all the help. A couple of technical ones for the model here.

各位，感謝你們回答我們的問題。非常感謝大家的幫忙。這裡有幾個關於該模型的技術問題。

The fourth quarter gross margin is usually a little bit above third quarter in the past. I'm just curious because there's a lot of moving parts here. Was there something structural that we should consider going forward in fourth quarter were any one timers in one of the segments that we should consider as we model going forward?

以往第四季的毛利率通常略高於第三季。我只是好奇，因為這裡面涉及很多方面。第四季在結構方面，我們是否應該考慮一些問題？或者在製定未來模型時，我們是否應該考慮某個細分市場中的一次性事件？

And then I guess, Andrew, the Salomon investments in 4Q, it sounds like those are the reason for the margin -- operating margin guidance in 2026 to be at the lower end of the long-term algorithm. So those investments in 4Q continue in the first quarter. Just curious, and maybe you could walk us through what some of the investments are in the first quarter?

然後，安德魯，我猜想，Salomon在第四季度的投資，聽起來像是導致2026年營業利潤率預期處於長期演算法下限的原因。因此，第四季的投資將延續到第一季。我只是好奇，您能否為我們介紹第一季度的一些投資項目？

And then bigger picture, as you think about the Salomon investments, incremental growth to the algorithm you presented, are the investments incremental to the algorithm that you've talked about with us? Or it sounds like there was at least an element of it being pulled forward.

從更宏觀的角度來看，當你考慮 Salomon 的投資，以及你提出的演算法的增量成長時，這些投資是否真的能為你和我們討論過的演算法帶來增量成長？或者聽起來至少有一部分原因是被拉過去的。

And I'm wondering if you're stepping up these investments, is that means there's an element of gating the margin expansion today because you can imagine a bigger brand revenue level for Salomon than what you've kind of talked about with us in the past?

我想知道，如果您正在增加這些投資，這是否意味著目前利潤率擴張會受到一定程度的限制，因為您可以預見 Salomon 的品牌收入水平會比您過去與我們討論過的要高得多？

Yeah, A lot to unpack there, Michael. Happy to address a bunch Yes, I'll go to address a much as I think -- as you think about the fourth quarter gross margin, one of the things that you talked about was the trend from third quarter to fourth quarter.

是的，邁克爾，這裡面有很多資訊需要梳理。很樂意回答很多問題。是的，我會盡可能回答——說到第四季的毛利率，你提到的其中一點就是從第三季到第四季的趨勢。

Keep in mind that the fourth quarter, as you think about outdoor performance is our largest quarter for Winter Sports Equipment. Winter Sports Equipment actually outperformed as well in the fourth quarter. And so that is going to create a bit of a drag on gross margin. Obviously, strong business, but the fact is it's a lower gross margin business. And when it outperforms, it affects it.

請記住，在考慮戶外運動裝備時，第四季是我們冬季運動裝備銷售額最大的季度。冬季運動器材在第四季的表現也相當出色。因此，這將對毛利率造成一定程度的拖累。顯然，這是一個強勁的業務，但事實是，這是一個毛利率較低的業務。當它表現優於對手時，就會對其產生影響。

The other thing that you also want to think about is on a comparative basis, recall that in 2023, we stood up a cost optimization program. We started to see the impact of that cost optimization in outdoor performance in the back half of 2024.

你還需要考慮的另一件事是，從比較的角度來看，回想一下，我們在 2023 年啟動了一項成本優化計畫。2024 年下半年，我們開始看到成本優化對戶外表現的影響。

And so when you -- as you get through and anniversary itself, so you stop in the fourth quarter 2025, you saw the anniversary of that cost optimization. So if you think about all of 2025, you saw a material margin expansion and outdoor performance and then anniversary itself because now you kind of reset the gross margin to its new go-forward perspective.

因此，當您——當您度過週年紀念日時，例如在 2025 年第四季度，您就看到了成本優化的周年紀念日。所以，如果你展望 2025 年，你會看到材料利潤率的擴張、戶外表現以及週年紀念日本身，因為現在你已經將毛利率重置到新的發展方向。

As you think about your first question really around the Salomon investments. In the fourth quarter, given that we opportunistically made key investments behind strong momentum of Salomon. Over recent -- over the recent years, we've had one big brand.

當你思考你的第一個問題時，實際上就是關於 Salomon 的投資。第四季度，我們抓住 Salomon 強勁發展勢頭的機會，進行了關鍵投資。近幾年，我們只有一個大品牌。

Arc’teryx has been on fire, and we've made key investments behind that growth. Now we have multiple high-return opportunities to invest in, especially as you think about the Salomon really inflecting right now.

Arcâteryx 的發展勢頭迅猛，我們為此進行了關鍵投資。現在我們有很多高回報的投資機會，尤其是考慮到 Salomon 目前正處於真正的轉折點。

Also keep in mind, in Q1, you will see Salomon margins return to moderate growth. Again, Q4, we opportunistically made the right investments behind that accelerating momentum. The other thing is that this is the power of our portfolio.

另外請記住，在第一季度，Salomon 的利潤率將恢復溫和成長。同樣，在第四季度，我們抓住機遇，利用這股加速成長動能進行了正確的投資。另一方面，這就是我們投資組合的力量。

We run this what we call our brand direct office and because of that, we can get behind accelerating momentum in our brands in ways that these brands can't do on an individual stand-alone basis. We continue to be committed to investing appropriately behind large growth opportunities in front of our tariff.

我們經營著我們所謂的品牌直屬辦公室，正因如此，我們才能以這些品牌單獨運作無法做到的方式，推動品牌加速發展。我們將繼續致力於在關稅政策實施前，對巨大的成長機會進行適當的投資。

Salomon, Wilson Tennis 360. And we'll continue prioritizing long-duration opportunities over near-term profit flow-through.

Salomon，Wilson Tennis 360。我們將繼續優先考慮長期發展機會，而不是短期利潤。

The last thing I want to say about that is that the gross margin mix including outdoor performance, that continues. That mix benefit continues. Q4 -- including Q4, Q4 had healthy gross margin mix shift and at the product region and the channel level.

最後我想說的是，包括戶外表現的毛利率組成將持續維持。這種混合模式帶來的優勢依然存在。第四季－包括第四季在內，第四季毛利率組合發生了健康的變化，產品區域和通路層面均有所改善。

Full year op margin for the portfolio just recall 160 basis points expansion for the full year, and this is after consideration of the key investments that we made in the fourth quarter.

全年投資組合的營業利潤率僅成長了 160 個基點，這也是在考慮了我們在第四季進行的關鍵投資之後。

So to wrap it up before I turn it over to Guillaume to give you some real color on it. Long term, we still expect to have SG&A leverage. So I'll turn it over to Guillaume and he'll give you some real key points on some of the discrete investments we made.

那麼，在把麥克風交給 Guillaume 為大家帶來更精彩的描述之前，我先總結一下。從長遠來看，我們仍然期望能夠利用銷售、一般及行政費用槓桿。那麼，我將把發言權交給 Guillaume，他會為大家介紹我們進行的一些獨立投資的關鍵要點。

Good morning, everybody. So yes, maybe we can go a little bit more into details. We take this opportunistic decision to shoe Salomon long-term expansion in Q4. We have few -- I have very few strong examples.

大家早安。是的，或許我們可以更詳細地探討一下。我們做出這個機會主義決定，是為了在第四季展現 Salomon 的長期擴張。我們很少——我幾乎沒有什麼強而有力的例子。

I would take quietly to accelerate our positioning in the market. The first one is we are driving a few marketing campaigns in some key areas, supporting, which is, as James explained, we need to build a portfolio of key franchise products. And on the top of , we need to have kind of variety of product.

我會悄悄地加快我們在市場上的地位提升。首先，我們正在一些關鍵領域進行一些行銷活動，正如 James 所解釋的那樣，我們需要建立一個關鍵特許經營產品組合。除此之外，我們還需要產品種類豐富。

And if like really a very promising opportunity. So this is why we are pushing the same for gravel running, which is also our point of difference in the market.

如果這真的是一個非常有前途的機會。所以，這就是為什麼我們要在礫石跑領域也推行同樣的理念，這也是我們在市場上的差異化優勢。

And finally, also, we are preparing the. So now you see the results. Certainly, you have seen the momentum we have been able to create during the sale biggest. And of course, it was kind of preparation in Q4. On the top of that, we continue to have this retail expansion.

最後，我們也在準備。現在你看到了結果。當然，您已經看到了我們在這次規模最大的促銷活動中所取得的巨大成功。當然，這也是第四季的一次準備。除此之外，我們也將持續拓展零售業務。

We opened stores in China. In the quarter, you certainly mentioned what was happening in Los Angeles, where we opened this store in and at the same time, we were building a campaign. So it's how much we are building this ecosystem in every city where we open a store.

我們在中國開設了門市。在本季度中，您確實提到了洛杉磯發生的事情，我們在那裡開設了這家門店，與此同時，我們也在籌備一項行銷活動。所以關鍵在於，我們在每個開店的城市裡，努力建構怎樣的生態系統。

We partner with our B2B partners. So I think about, for example, which are through presence in Los Angeles and then we are driving major and to attract this consumer, and it was really successful. So this type of model require also some resources at the beginning just to have it starts in the epicentre.

我們與B2B合作夥伴攜手合作。所以我想，例如，透過在洛杉磯的存在，我們正在大力推動並吸引這部分消費者，而且非常成功。因此，這種類型的模型在初期也需要一些資源，才能從中心地帶啟動。

The last one is about talent and operation investments. You just hear that Salomon was growing by 35% in '25. And of course, we need to structure the company for a new scale and we had to support our cost incentive compensation, but also, we were starting to acquire some new talent acquisition, the example of 87 is a very good example of the level of ambition we put into Salomon.

最後一點是關於人才和營運投資。你剛剛聽說 Salomon 在 2025 年成長了 35%。當然，我們需要調整公司結構以適應新的規模，我們必須支持成本激勵補償，但同時，我們也開始招募一些新的人才，87 號的例子很好地說明了我們對 Salomon 的雄心壯志。

Another one was the opening of the Salomon Paris app. So we have a new office -- you know that we are in base in, which is a kind of small city in the middle of the half, well. But of course, the scale of the company requires also a little bit more facility in different places. And Paris is very obvious. We are a company -- a French-based company.

另一件大事是 Salomon Paris 應用程式的上線。所以我們有了一個新的辦公室——你知道，我們的基地位於一個位於半個美國中間的小城市。當然，公司規模的擴大也需要在不同的地方配備更多的設施。巴黎這一點顯而易見。我們是一家公司──一家總部位於法國的公司。

So Paris was kind of obvious opportunity for us. And of course, it was requiring also this type of investment. It's also a place where we can capture trends. We can capture also world-class talent in the future.

所以，巴黎對我們來說是一個顯而易見的機會。當然，這也需要這類投資。這裡也是我們捕捉趨勢的地方。未來我們也能吸引到世界一流的人才。

Okay. Michael, I'll just wrap on the one point because I think the last one we talked about was there something structurally different about our algo. It's not.

好的。邁克爾，我只是簡單總結一下這一點，因為我覺得我們上次討論的重點是我們的演算法在結構上有所不同。它不是。

Like I said, we delivered 160 basis points to the bottom line after that investment. Algo does and has consistently been 30 basis points to 70 basis points plus on the bottom line. We opened this year with our guide at 30 bps. We believe that that's responsible.

正如我所說，這項投資之後，我們的利潤提高了 160 個基點。Algo 確實能帶來 30 到 70 個基點以上的淨利。今年我們以 30 bps 的價格開盤。我們認為這是負責任的做法。

It does not reflect a structural change in our investment -- our investments as just highlighted, we will opportunistically get behind growth momentum while still continuing to maintain our earnings algo. It's early in the year and should strong trends continue and greater demand materialize, we see no reason why we can't outperform our guidance as it. I just want to clarify, 30 bps to 50 bps in the range.

這並不反映我們投資的結構性變化——正如剛才強調的，我們將抓住成長勢頭，同時繼續維持我們的獲利演算法。現在才年初，如果強勁的趨勢持續下去，更大的需求出現，我們認為沒有理由不能超越我們的預期。我只是想澄清一下，範圍是 30 bps 到 50 bps。

Appreciate it.

謝謝。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great, thanks and congrats on another nice quarter. So James, so James, following the breakout year that you cited for the portfolio, could you elaborate on the current momentum entering the first quarter? Maybe what opportunities do you see for the Salomon brand to accelerate market share further in '26?

太好了，謝謝，也恭喜你又一個季度業績出色。詹姆斯，在你提到投資組合經歷了突破性的一年之後，你能否詳細說明進入第一季的當前勢頭？您認為 Salomon 品牌在 2026 年有哪些機會可以進一步擴大市場佔有率？

And Stuart, have you seen any change in top line momentum at Arc’teryx relative to the fourth quarter or what's embedded to moderate within the 18% to 20% full year forecast relative to mid-30s that we just see here exiting '25?

Stuart，你有沒有看到 Arcâteryx 的營收成長動能相對於第四季或全年 18% 至 20% 的預測值相比 2025 年末的 30% 左右有所變化？

Matt, we're going to have Guillaume answer your question on Salomon. James will talk kind of global outlook for the space, including China, and then Stuart will finish a remote on our tariffs.

馬特，我們將請吉約姆回答你關於薩洛蒙的問題。James 將談論該領域的全球前景，包括中國，然後 Stuart 將完成關於我們關稅問題的遠端演講。

So when we think about the momentum in sales of course, we see a very strong outcome. So '25 was really the year we confirm that we're doing in all regions. You see the traction in China and Asia Pacific, but our domestic market, which is Europe was really coming back strongly all the investments we have been doing in epicentre strategy with Paris, with London and now we are looking at Milano started it, of course, but we see that we have the right strategy in order to drive momentum in both sports tile and performance.

所以，當我們考慮銷售動能時，當然會看到非常強勁的結果。所以 2025 年是我們真正確認在所有地區開展業務的一年。我們看到了中國和亞太地區的成長勢頭，但我們的國內市場，也就是歐洲，也正在強勁復甦。我們一直在以巴黎、倫敦為中心進行策略性投資，現在我們正在關注米蘭。當然，這一切都始於米蘭，但我們認為我們擁有正確的策略，可以推動體育賽事和業績的成長。

And lately, we see also that US is becoming a new place of growth of course, we are still quite small compared to the market, which is on one hand, a challenge, but also a great opportunity for us, but we see that we have early momentum in the sports tile category, you will see that this epicentre strategy in New York, LA, we opened a store in Chicago as well, which is doing -- performing very well.

最近，我們也看到美國正在成為一個新的成長點。當然，與市場相比，我們仍然很小，這既是挑戰，也是一個巨大的機會。我們看到，我們在運動瓷磚領域已經取得了初步進展。你會看到，我們在紐約和洛杉磯設立了中心策略，我們也在芝加哥開了一家店，而且業績非常好。

And we see also that to data that there is some other good city where we start to pop up. And the last one is we have also in US early signal of positive trend for running, thanks to. And you can imagine that if we are able to combine sports and running in US, then Salomon could have very promising growth.

我們也從數據中看到，在其他一些不錯的城市，我們開始嶄露頭角。最後一點是，由於…，美國也出現了跑步運動正向趨勢的早期訊號。你可以想像，如果我們能夠將運動和跑步在美國結合起來，那麼 Salomon 的發展前景將非常光明。

Yeah, good morning, Matt. Thank you for your questions. As I mentioned, okay, I still believe strong trends have continued each cross board. And you already gave out the guidance for our Q1 and top line will grow between 22% to 24%. So our three segments, basically, they all have very good forecast to achieve the target we set for them, okay? So it's a pretty good trend for time being.

早安，馬特。謝謝你的提問。正如我之前提到的，我仍然認為各個板塊都延續了強勁的趨勢。你們已經給了我們第一季的業績指引，營收將成長 22% 至 24%。所以，基本上，我們這三個業務板塊的預測都非常樂觀，都能實現我們為他們設定的目標，好嗎？所以就目前來看，這算是相當不錯的趨勢。

And specifically, I just want to specifically mention about the performance in China during the Chinese New Year. So we see a very positive consumer trends during the Chinese year in our brands. And also, okay, not in our brands and also for the coal sports market overall, okay? So the consumption is very, very strong. And I think later on, you also will get a certain color from the other brands annual report, okay? So I think it's a quite good movement for us.

特別地，我想提一下春節期間在中國的演出。因此，我們看到，在中國新年期間，我們旗下品牌的消費趨勢非常正面。而且，好吧，這不適用於我們的品牌，也不適用於整個煤炭運動市場，好嗎？所以消費非常非常強勁。我認為之後你也會從其他品牌的年度報告中得到一些啟發，好嗎？所以我認為這對我們來說是一個非常好的趨勢。

However, I still want to say, okay, still a bit too early for us to say, okay, this is a very bullish situation in China market. Okay. So -- but at least we offer good start in 2026.

不過，我還是想說，現在就說中國市場情況非常樂觀還太早。好的。所以——但至少我們在 2026 年提供了一個好的開始。

Okay, then Stuart. Yeah, Matt, it's Stuart. So off to a fast start in the first quarter, really pleased with the trends that we're seeing across all our regions. And we're seeing especially strong momentum in North America over the last few weeks. So that's contemplated in the guidance that Andrew shared. And then your question versus the 18% to 20% guide.

好的，那就史都華吧。是的，馬特，我是史都華。第一季開局良好，我們對所有地區的發展趨勢都非常滿意。過去幾週，我們看到北美地區的成長勢頭尤為強勁。所以，安德魯分享的指導意見中也考慮到了這一點。然後，你的問題與 18% 到 20% 的指導原則有何不同？

What I would say is -- this is consistent with our prior practices. We view this as responsible in terms of the guidance we're offering investors -- and there's nothing structural that would prevent us from capturing higher sales should demand materialize.

我想說的是──這與我們之前的做法是一致的。我們認為，就我們向投資者提供的指導而言，這是負責任的——而且，如果需求實現，沒有任何結構性因素會阻止我們獲得更高的銷售額。

We're well positioned, strong inventory position, as Andrew noted, to really convert upside should it materialize. So we're happy with the trends we're seeing and confident for the outlook for the -- for 2026.

正如安德魯指出的那樣，我們擁有良好的市場地位和強大的庫存實力，如果上漲行情真的出現，我們完全可以將其轉化為實際收益。因此，我們對目前看到的趨勢感到滿意，並對 2026 年的前景充滿信心。

It's great color. Best of all great.

顏色真好看。最棒的是，它非常出色。

Your next question comes from the line of Paul Lejoue of Citigroup. Your line is open.

你的下一個問題來自花旗集團的保羅·勒茹。您的線路已開通。

If you could talk a little bit more about the wholesale expansion opportunity in the US within the Salomon business and what sort of growth should we expect with Solomon wholesale versus DTC this year? And then, Stuart, also curious if you're thinking about adding any new wholesale partner doors for Arc’teryx year? How should we think about growth there?

您能否再詳細談談 Salomon 在美國的批發擴張機會，以及今年 Salomon 批發業務與 DTC 業務相比，我們應該期待怎樣的成長？還有，Stuart，我還想知道你是否考慮為 Arcâteryx 今年增加任何新的批發合作夥伴門？我們該如何看待那裡的成長？

Yes. Thanks, Paul, for asking. So clearly, our strategy is about omnichannel. So we know that if we want to become a large, secured footwear brand in the US, we absolutely need to partner with the key players. So we speak a lot about our D2C.

是的。謝謝你的提問，保羅。很顯然，我們的策略是全通路的。所以我們知道，如果我們想成為美國一個規模龐大、實力雄厚的鞋類品牌，我們就絕對需要與關鍵參與者建立合作關係。所以我們常常談到我們的D2C模式。

We speak a lot about e-com because we think that this is where we can expand the best expression of Salomon, but of course, the strategy is really becoming omnichannel and partner with the key player. We have renewed support with REI, which used to be our historical partner in the US when we were very focused on winter sport equipment and outdoor.

我們經常談論電子商務，因為我們認為這是我們能夠充分展現 Salomon 品牌精髓的地方，但當然，我們的策略實際上是走向全通路，並與關鍵參與者建立合作關係。我們與 REI 重新建立了合作關係，REI 曾是我們在美國的長期合作夥伴，當時我們主要專注於冬季運動器材和戶外用品。

And now we see that we are back on track with them. And then in parallel, we have stronger JD Sport and most of the running specialists, which are today our current targets in order to drive the growth. We -- what we try to do so is not building a very big push, but things, city by city, having close partnerships, make sure that we have a very close partner good foundation of business. We are driving demand with them. And then we think that this is the best way to, first of all, win the ship share battle in the market but as well as expansion in terms of number of those.

現在我們看到，我們和他們又回到了正軌。同時，我們也有實力更強的京東運動用品店和大多數跑步用品專賣店，這些都是我們目前的目標客戶，旨在推動成長。我們——我們努力做的不是進行大規模的擴張，而是逐個城市地建立緊密的合作關係，確保我們擁有一個非常緊密的合作夥伴，為業務奠定良好的基礎。我們正在利用它們來推動需求。然後我們認為這是贏得市場船舶份額之爭以及擴大船舶數量的最佳方式。

So we have this type of very accurate strategy in North America. The key driver at the end is really the consumer demand and how we partner with them to drive this consumer demand.

所以我們在北美地區就採用了這種非常精準的策略。最終的關鍵驅動因素其實是消費者需求，以及我們如何與消費者合作來推動這種消費需求。

Yes. Thanks, Paul. From a standpoint, wholesale is emerging as an important channel for us across three of our key name strategies, footwear, valence and women's and footwear this is an important channel of distribution different than apparel. So we see the need to have a stronger strategy here. We've been building a sales team as part of our footwear business unit in Portland.

是的。謝謝你，保羅。從某種意義上說，批發正在成為我們三大主要品牌策略（鞋類、Valence 和女裝）的重要管道，而鞋類是一個重要的分銷管道，與服裝不同。因此，我們認為有必要製定更有力的策略。我們一直在波特蘭組建一支銷售團隊，作為我們鞋類業務部門的一部分。

And we're engaging with specialty run accounts, big box retailers as well. On the premium high end, I would say, very technical positioning that will be an evolution within our footwear business. For Valence, premium wholesale, Tier 0, as we call it, will help create higher brand awareness for Valence and just drive the business there.

我們也正在與專業零售客戶以及大型零售商接洽。在高端市場，我認為其技術定位非常先進，這將是我們鞋類業務的一次革新。對於 Valence 而言，高端批發（我們稱之為 Tier 0）將有助於提高 Valence 的品牌知名度，並推動業務發展。

And for women's, we see it as an interesting expansion of our distribution footprint just to be relevant where she shops female guest shop. So across those three strategies, where we continue to evolve our wholesale strategy. So I hope that helps. Thanks.

對於女性而言，我們認為這是我們分銷範圍的一次有趣擴展，這樣才能在她購物的女性顧客商店中保持相關性。因此，在這三種策略中，我們將繼續發展我們的批發策略。希望這能有所幫助。謝謝。

Thanks.

謝謝。

Your next question comes from the line of Brooke Roach of Goldman Sachs.

你的下一個問題來自高盛集團的布魯克羅奇。

Good morning and thank you for taking the question. At Salomon, I was hoping that you could unpack the proportion of growth that you expect to realize by region for the brand in 2026? And then if there are any specific regions that will receive an outsized SG&A investment this year.

早上好，感謝您回答這個問題。在 Salomon，我希望您能詳細說明您預計該品牌在 2026 年各個地區的成長比例？然後，看看今年是否有任何特定地區將獲得超額的銷售、一般及行政費用投資。

As a follow-up, how much of the growth at Salomon do you expect to come from existing distribution partners versus new distribution partners in 2026? Thank you.

作為後續問題，您預計 Salomon 在 2026 年的成長中，有多少來自現有分銷合作夥伴，又有多少來自新的分銷合作夥伴？謝謝。

So we expect to have growth in all regions in the world. So clearly, we the very good and positive sign today is Asia Pacific and Greater China continued to show very strong momentum. But now, EMEA is really back on track, where I think every product EMEA also that we also qualify high-quality sales. So you know that sometimes in Europe, the price point is sometimes an issue, but we feel very good and what we have been able to build in the long run, so keeping quite premium positioning.

因此，我們預計全球所有地區都將實現成長。所以很明顯，今天我們看到的一個非常好的正面訊號是，亞太地區和大中華區繼續展現出非常強勁的成長勢頭。但現在，EMEA 已經真正重回正軌，我認為 EMEA 的每款產品也都實現了高品質的銷售。所以你知道，在歐洲，價格有時會成為一個問題，但我們對我們長期以來所取得的成就感到非常滿意，因此我們保持了相當高端的定位。

And the last one, which is a good news, is North America, we're definitely small scale today, but very high growth and high demand and especially from the last quarter, and we see that this momentum is really engaging for '26.

最後一個好消息是北美，我們目前規模還很小，但成長非常快，需求也很高，尤其是從上個季度開始，我們看到這種勢頭對 2026 年來說非常有利。

The second one? Yes. So -- so once again, it's -- there is a few areas where we can look at -- so the existing distribution is growing with the momentum. We have, of course, a new kind of strategy in Europe and in US because we enter also the sneaker market with sports style and, it requires some new type of doors.

第二個？是的。所以——再說一遍，有幾個方面我們可以看看——現有的分佈正隨著勢頭增長。當然，我們在歐洲和美國採取了一種新的策略，因為我們也進入了運動鞋市場，這需要一些新的切入點。

I just can name in Europe sport, for example, which was not a customer of Salomon 5 years ago and now it's becoming one of the strategic partners.

例如，我只能舉出一個歐洲運動品牌的例子，該品牌 5 年前還不是 Salomon 的客戶，而現在它已經成為 Salomon 的策略夥伴之一。

So we have as well new distribution and in Europe despite the fact that our numeric distribution is already very strong. And of course, in US, but I will -- I will replace the same as I did for the producers. We are building distribution right now in US.

因此，我們也有新的分銷管道，而且在歐洲，儘管我們的數位分銷管道已經非常強大。當然，在美國也是如此，但我會——我會像對待製片人那樣進行替換。我們目前正在美國建立分銷管道。

Thanks, Brooke.

謝謝你，布魯克。

Thank you.

謝謝。

Your next question comes to the line of Ike Boruchow of Wells Fargo. Your line is open.

你的下一個問題是關於富國銀行的艾克·博魯喬夫的。您的線路已開通。

Hey, thanks. Thanks, Congrats, everyone. So obviously, revenue is solid, some questions this morning on the margin. Andrew, can we just dive in a little bit on the cadence of the investment you've got about 200 basis points plus of deleverage in Q1. But based on the full year, it does seem like you should start to be scaling the investments, especially in the ones you kind of talked to for 4Q. Can you just comment on that?

嘿，謝謝。謝謝大家，恭喜大家！顯然，營收表現穩健，但今天早上有一些關於利潤率的問題。Andrew，我們能不能稍微深入探討一下你的投資節奏？你在第一季已經實現了大約 200 個基點以上的去槓桿化。但從全年來看，似乎應該開始擴大投資規模，尤其是那些在你第四季接觸過的公司。您能就此發表一下看法嗎？

Like does it seem like the business should be scaling and leveraging the expense base in the back half of the year, specifically in Q4? And does that kind of give us some visibility to scale in the out years and beyond?

看起來，企業是否應該在下半年，特別是第四季度，擴大規模並利用現有的支出基礎？這是否能讓我們更清楚地了解未來幾年甚至更長遠的發展規模？

Also, one of the things that -- one of the things that is probably embedded does not easily see, but Q1, as you -- some of the deleverage is driven on a comparable basis, driven by the fact that Q1 last year in Ball & Racquet was a quarter with meaningful pull forward because of the threat that tariffs. That was on the horizon. So Q1 last year compared to Q1 this year.

此外，還有一件事——一件可能不容易被察覺的事情——正如你所說，第一季度的一些去槓桿化是基於可比性驅動的，這是因為去年第一季球拍業務由於關稅威脅而出現了顯著的提前增長。那件事早已提上行程。所以，請將去年第一季與今年第一季進行比較。

Q1 this year is more normal. Q1 last year at so you saw more profitability. So it looks like a deleverage. But underneath that, as we talked about, both our tariffs and outdoor performers are performing well. You can see -- and I talked about you see margin expansion for outdoor performance.

今年第一季比較正常。去年第一季獲利能力更強。所以看起來像是去槓桿化了。但正如我們之前討論的，我們的關稅和戶外表演者都表現得很好。你可以看到——正如我之前提到的，你可以看到戶外表現的利潤率有所提高。

It is -- it's much more of a quarter 1 over quarter one comp issue related to Ball & Racquet in the prior year. Is that helpful?

確實如此——這更多的是上一年球拍業務第一季與第一季相比的比較問題。這樣有幫助嗎？

No. It is. But I guess my bigger question is about the pacing of the expenses into the back half. And are you planning to start scaling those as you exit the year? And because that might give us some better visibility into the SG&A leverage potential as you're kind of exiting into fiscal '27.

不。這是。但我更想問的是下半年各項開支的分配狀況。你們計劃在今年底開始擴大這些業務的規模嗎？因為這可能會讓我們更了解 SG&A 槓桿潛力，因為你們即將退出 2027 財年。

Yes. Yes. I mean, like I said, in Q4 of 2025, we invested a lot. We invested opportunistically a lot in Q4 of 2025. So inherently, it would suggest that Q4 2026 comparative is going to be pretty easy.

是的。是的。我的意思是，就像我之前說的，我們在 2025 年第四季投入了很多資金。我們在 2025 年第四季進行了大量機會性投資。因此，從本質上講，2026 年第四季的比較分析將會非常容易。

Your next question comes from line of Jay Soul of UBS.

你的下一個問題來自瑞銀集團的 Jay Soul。

Great, thank you so much. My question is for Stuart. So just give us a little bit of update on how some of the initiatives around, say, the women's and footwear has gone for Arc’teryx in the fourth quarter and which your outlook for this year? And also just with all the news on tariffs over the last few weeks, how has the landscape changed and how might impact the company?

太好了，非常感謝。我的問題要問史都華。那麼，請您簡要介紹一下Arc'teryx在第四季度圍繞女裝和鞋履等一些舉措的進展情況，以及您對今年的展望？此外，鑑於過去幾週有關關稅的新聞，市場情勢發生了怎樣的變化，又會對公司產生怎樣的影響？

Yes. Thanks, Jay. It's Stuart. On your second point there, tariffs, it's more of a modest impact on our tariffs. It's not nothing, but it is not influencing in any way how we're pricing our products or operating the company, and we see it as an opportunity to take share from companies that might respond in that manner.

是的。謝謝你，傑伊。是斯圖爾特。關於你的第二點，關稅問題，這對我們的關稅影響比較溫和。這並非毫無影響，但它不會以任何方式影響我們的產品定價或公司運營，我們認為這是一個從可能採取類似應對措施的公司手中奪取市場份額的機會。

So feel -- we're in a good spot from a managing of the tariff situation. As you -- and then your other question, women's and footwear, as James mentioned in the prepared remarks, saw a really healthy growth across both of those categories, both growing 40% in the fourth quarter. Women's, continued strength across some of the new products that we introduced, the women's-only products, the pant category in particular, has been really strong.

所以感覺——我們在應對關稅問題上處於有利地位。正如你——以及你的另一個問題，女裝和鞋類，正如詹姆斯在準備好的發言稿中提到的那樣，這兩個類別都實現了非常健康的增長，第四季度均增長了 40%。女裝方面，我們推出的一些新產品，特別是女裝產品，尤其是褲裝類產品，表現一直非常強勁。

The Clarke, the Lucia and the Neopantare offering us a new sort of lever of growth within the women's business. We also saw strength in our ski and insulation, the AMS and DSA down two new products that we introduced in the quarter performed really well. And we're just excited to see women's continue to grow faster than the overall company. We expect to see it exceeding 30% of the total sales of the company by 2030.

Clarke、Lucia 和 Neopantare 為我們提供了一種新的女性事業成長槓桿。我們的滑雪和保暖產品也表現出色，本季推出的兩款新產品 AMS 和 DSA 羽絨表現非常出色。我們很高興看到女性業務的成長速度持續超過公司整體的成長速度。我們預計到 2030 年，該項銷售額將超過公司總銷售額的 30%。

And footwear, 40% growth in the fourth quarter as well. Top models included the Norvan LD4, that's our top seller and fast sales in our Copechike shoe I also just mentioned, we're going to launch the new silent on March 6.

鞋類產品第四季也成長了 40%。最暢銷的鞋款包括 Norvan LD4，這是我們最暢銷的鞋款，也是我剛才提到的 Copechike 鞋款的銷售速度最快的鞋款。我們將於 3 月 6 日推出新款靜音鞋。

This is our Pinnacle trail running -- so really excited about the evolution and the feature set there and the performance of so. A lot of great feedback from it already from our athletes. And then within footwear, the business unit we've stood up in Portland.

這是我們巔峰之作——越野跑鞋，我們對它的演變、功能集和性能感到非常興奮。我們已經從運動員那裡收到了很多很好的回饋。然後是鞋類業務，我們在波特蘭成立了業務部門。

We're excited for how that's coming together, the sales team, the marketing capabilities we're building. So very bullish on footwear. We see this as an important pillar of growth for us for some time. Hope that helps, Jay.

我們對目前的進展感到興奮，包括銷售團隊和我們正在建立的行銷能力。所以我非常看好鞋類市場。我們認為這將是我們未來一段時間內重要的成長支柱。希望對你有幫助，傑伊。

This is Andrew. Just to wrap up a little bit on tariffs. At the group level, we're confident, as I said, we're confident in our position to manage through a variety of tariff scenarios given a couple of things, just remember, a low level of US exposure, I've seen wrong brand portfolio and pricing power in our clean balance sheet. The two -- obviously, the two businesses that are most impacted would be Ball & Racquet and want a sports equipment.

這是安德魯。最後再簡單總結一下關稅問題。正如我所說，在集團層面，我們有信心應對各種關稅情況，因為有幾點需要注意：一是我們在美國的敞口較低；二是我們的資產負債表乾淨，我見過錯誤的品牌組合和定價能力。顯然，受影響最大的兩家企業是 Ball & Racquet 和一家體育器材公司。

And yes, while -- I mean, we are aware of the recent Supreme Court decision and follow-up decision by the President to pose to 15% tariff. Looking at high-level scenarios, our position has not changed.

是的，雖然——我的意思是，我們都知道最高法院最近的裁決以及總統隨後決定徵收 15% 的關稅。從宏觀層面來看，我們的立場並沒有改變。

Okay. We have time for one more question. I know it's the fourth quarter, so we're taking a little bit longer time this quarter call. Thank you.

好的。我們還有時間回答最後一個問題。我知道現在是第四季度，所以我們這次季度電話會議的時間會稍微長一點。謝謝。

Your last question comes from the line of Lorraine Hutchinson of Bank of America.

你的最後一個問題來自美國銀行的洛琳·哈欽森。

Thanks, good morning. Andrew, now that the leverage is down to 0.3times. Can you talk a little bit about your expectations for the capital structure and uses of cash going forward?

謝謝，早安。安德魯，現在槓桿率已經降到0.3倍了。可以談談你對未來資本結構和現金用途的預期嗎？

Yes. I mean -- and you could see, you saw in 2025, you heard my guy, we're talking about being approximately $400 million in 2026. So we still believe a high -- a high return use of our cash and allocation is to grow our business from -- to the point that we still believe that it is an efficient use of our cash to pay down the inefficient debt as it does not provide the requisite tax shield. But we are -- we'll continue to focus on that. We'll continue to focus on the growth of our business.

是的。我的意思是——你可以看到，你在 2025 年看到了，你聽到了我的朋友說的，我們說的是到 2026 年大約是 4 億美元。因此，我們仍然認為，高回報的現金使用和配置方式是發展我們的業務——以至於我們仍然認為，用現金償還低效債務是有效的，因為它無法提供必要的稅收優惠。但是我們——我們將繼續專注於此。我們將繼續專注於業務成長。

We're continuing to focus on paying down inefficient debt. And we -- we like our leverage position as it stands right now being close to zero.

我們將繼續集中精力償還低效債務。我們——我們喜歡我們目前的槓桿水平接近零。

Thank you.

謝謝。

That concludes our Q&A session. I'll now turn the conference back over to management for closing remarks Thanks, everyone, for joining. We'll see you in three months. Have a great spring.

我們的問答環節到此結束。現在我將會議交還給管理階層，請他們作閉幕致詞。謝謝大家的參與。三個月後見。祝你春天愉快。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。