Amer Sports, Inc. (AS) Earnings Call Transcript & Summary

Good morning, everyone, both here in the room and Annecy, France and those joining on the webcast as well. My name is Omar Saad. It's my pleasure to welcome you to the 2026 Salomon Amer Sports Investor Day. People listening on the webcast here in person, we're in our Salomon headquarters in Annecy. We appreciate you making the journey. I know some of you came from very far to learn more about the Salomon brand here in the French Alps, where Salomon was founded 79 years ago. All right. First, the safe harbor statement. During today's Investor Day presentations, you will hear forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current expectations and beliefs only. They are subject to certain risks and uncertainties that could cause actual results to differ materially. Please see the safe harbor statement in last night's press release and SEC filings. We will also discuss certain non-IFRS measures. So our main agenda is going to focus on product and brand as well the CEO introductions from James and Guillaume. And then in the afternoon, our agenda is going to be more about the regions the financials and Q&A at the end. As you can see, we've got a lot of leaders lined up to present today. You guys have the agenda and the bio is in front of you. A couple of points of order dimension. First, please hold your questions until the Q&A session at the end of the day, especially the financial and guidance related and algorithm-related questions. We're going to have Andrew Page, the Group CFO; and Antonio the Salomon CFO at the end of the day as well as a Q&A immediately following. For those of you online, e-mail us at ir@omersports.com with your questions, and we'll try to incorporate as many of those as we do for. So before I turn it over to James, our CEO, I want to share a personal observation about Salomon. The more I've come to know the brand since joining Amer Sports, the more I've kind of appreciate how unique it is. It really is different from any other brand that I've studied in my career. It has many facets, they're all authentic, they're all rooted in performance and function. So for me, as a New Yorker, I think 1 of the best ways to show you what I mean is with the map of Manhattan. This is just a sampling of the different places in different ways, Salomon shows up at New York retail. We have the 5 owned Salomon shops that we've opened recently, including Brooklyn, Upper West Side, [indiscernible], which is the newest, Woodbury Commons, and of course, our first store in SoHo, which still today, there's almost always a line to get into that one. Then you've got -- you can find Salomon trail shoes, hiking, footwear, hydration packs, other gear at Paragon Sports in flat iron. You can also find Solomon skis, snowboards, boots, bindings, helmets and other winter sports equipment gear at Paragon or at the various local ski retailers like Panda Sports in Brooklyn. You can also buy our running and gravel lines at running specialty shops throughout the city, including fleet feed. And now you can find Salomon sports style shoes at the top sneaker destinations in New York including the Foot Locker flagship on 34th Street or the JD Sports across Brooklyn. And then last but not least, Salomon showing up in a big way and some of the coolest places to shop in New York, like the [Kit] shop in SoHo or the Nordstrom flagship on 57th Street. So now I'm going to turn it over to our CEO, James Zheng. As James has a great track record from Adidas to Anta to Amer Sports. I would characterize them as one of the most experienced and successful executives in the global sports and outdoor industry over the last 20 years. James?

Hello. Good morning, everybody. [Foreign Language]. I hope [indiscernible] gang can correct my pension, which means many of you may not understand [indiscernible], of course, you know, I'm pleased to reach you here, okay? So welcome. Welcome to Annecy, our headquarter of Salomon. I think many of you probably the first time to be here. I call Annecy the paradise of the world. I mean you guys -- I mean, maybe already spent a couple of hours running on the loads -- besides the lakes and maybe somebody also got a chance yesterday or the day before yesterday also went to the mountain. So it's such great place to exercise to have outdoor activities here. So Salomon was born here, 1947. Today, it's Salomon's 79 anniversary. So actually, so we brought all you here and obviously, people also sitting on the virtual meetings. So you guys will have great experience with our brands, Salomon in these 2 days. So first of all, I still like to say Amer Sports is a new list public company in our industry, okay? We list our company on February 1st 2024. So in the past 10 quarters, I really appreciate all your guys' support and trust make Amer Sports become top 5 sport increase company in terms of market cap, okay. Thank you very much. Thank you for your trust. I mean -- before that time, so we literally were invisible in the market, okay, as a private company. And you gave us such great credits just for the 10 quarters, make us become a top 5 sporting goods company in terms of the market cap, okay? So I think it's a great complementary for us. And this is our second Investor Day since our public, okay? I think some of you also attend our first one, which was held in Vancouver, mainly focused on [indiscernible]. So I mean, in the past 10 quarters, I attend almost all the low shows after quarterly earnings calls. So in the first 6 low shows, people always got questions and also the -- try to understand how -- what Amer Sports stands for, okay? And you guys put a lot of waiting on Arc'teryx, which obviously, it's our first flagship brands to make successful story in the markets. And 6 quarters later, Okay. Starting from second half of last year and you guys start to pay attention on Salomon. And today, and Salomon, I mean, represent the fastest-growing brands in our portfolio in the past 4 quarters. So I think it's kind of a journey, I mean, you guys really got kind of level of the kind of curiosity to see how the Amer Sports. I mean Amer Sports, obviously we are portfolio brands. We got the main 5 brands in the portfolio. They're all positioned at the premium technical kind of sectors. And we made a very successful story for Arc'teryx first. Then, I mean, you see great for Salomon afterwards. And last quarter, we also report our -- another big brands, [Wilson] also grow more than 24%. And -- so the third brand is also evolving. So this is kind of a road map we build up our portfolio brands in our companies. And we really made great successful track record in the past 10 quarters to really convince -- try to, I mean, convince the industry, the street, the public market. So we are the company really got a very unique proposition in the market. And it's a highly competitive market. So it's also saturated, okay? So how we win the market shares from our unique proposition on the brands and by creating the most innovative high technical products to address the needs in the market and create a unique angle to unlock the potential for the brands to bring our consumers, great attention for the brands, Arc'teryx, Salomon and Wilson onwards in the future. So I think it's -- we have a pretty nice setup inside Amer Sports, which gives us a very solid foundation to grow our business in the future. For today Investor Days, we got literally got obviously 2 topics. Okay. One is obviously -- we -- you guys already look at our release last night, okay, for our Q3 guidance. So we continue to outperform our initial guidance, and we -- the whole menu team got a very high-level confidence to deliver. I mean, we only got 2 weeks left for Q3, and we think we can continue to our kind of a track record on bid and raise patterns for Q3. And also -- we also give the street about our guidance for our long-term 5-year plus long-term and see how our development patterns will be come out for the future. So I think Andrew will give you guys more detailed elaboration in the overall company financial session. But more importantly, I mean, obviously, the second purpose, we will dive in on Salomon today and tomorrow. And Salomon today is the fastest-growing brand in our portfolio. So our brand CEO [indiscernible] and his team will give you guys full introductions about who Salomon is, what Salomon stands for? How Salomon today to unlock the potential for the markets? What's the key competitive edge we own for Salomon brand so that Salomon today can really stand out in the overall outdoor sporting goods market. And more importantly, [indiscernible] and his team also will share you guys the vision of the Salomon for the future. So what's the road map for us, for some -- for coming 5 years and also [Audio Gap] a very detailed introductions about our key strategic pillars, we'd like to develop a setup to fulfill our road map for coming 5 years. So this is the most important content today. And I think Guillaume and his team will share full perspective about how we'd like to develop salmon from today and make Salomon become truly leading global sporting goods brands in the near future. So I think it's a very important content. And you guys will listen and experience the brands in our ADC and also you guys also got the opportunity to interact with all our Salomon executives here, okay? In this building. And also, obviously, tonight, we've also got the kind of very good events on the lake. So you guys have a chance to go got interaction with all the -- our Salomon executive to understand their thoughts about how we build up the Salomon brand in the future. So pretty much, I mean, I -- before I hand over to Guillaume, I'd still like to say something because I used to be Interim CEO for Salomon for 8 months in 2024. So I'd like to share my certain perspective about my understanding of Salomon and how the experience I got really this kind of a unique experience I got have here in Annecy in 2024. So this interim low really give me a very deep insights into what makes Salomon so special. I think looking in the French mountain since 19947, Salomon carries generally technical heritage. Our products really deliver outstanding performance and functionality, shipped by long time sports culture. So besides the brand owns pretty high market share in both outdoor performance and the winter sports equipment, we also create very unique division we call More Than Outdoor Sneakers, okay, led by our XT franchisees. I think all of you already experienced these products. So that segment, new segments, we are settlement today, still the only outdoor brand sitting in that segment, which give us permission to compete in 200 billion sneaker markets besides the normal outdoor segments, okay? It's a big luck for Salomon wins. So I literally spent more than half of my time in 2024 in Annecy and working closely with the team. I still remember on April 16 '24, when I have had the first, we call the Salomon sales meetings in Annecy, I shared my vision to the whole audience. At that time, I talked to the team, by 2028, from 2024, '25 years journey, we'd like to make Salman become $3 billion brand. By 2028, we will sell more than 30 million paris per shoes to the market. 2024, we sell more or less 40 million paris. So that's the very clear vision for the brands and for the coming 5 years. So how we get that? So I also give the kind of work with Guillaume and team, and we came out the clear 5 important strategic pillars to achieve these calls. One, obviously, we amplify our sports diabetes which I just called Modern Outdoor Sneaker market. This is a very unique angle. I mean the market not short -- have any shortage on 1 piece of garment and 1 pair of shoe. How you really -- we are new players literally in sneaker market? So how we find the unique angle to make the consumers, especially for our younger female consumer, now us like us. So I think that the sports style really gives a weapon to unlock the big portal. And the second, we need to win in Europe, okay, which is our home base okay? The third, we got to really accelerate our business in great China and APAC. Fourth, I think we also make that very clear. We want to make a great breakthrough in North America, which is the largest sneaker market in the world. The fifth, the last one, not least, we need to really elevate our organization to fulfill to realize strategic pillars at the quality side. So these are 5 major strategic pillars. I mean we shared to the audience in 2024. And everybody on the same page, the goal is very clear. $3 billion by 2028, 30 million pairs of shoes by 2028. So obviously, did a -- it's not angle. So it's a vision by 2028. How we translate into our daily operation starting from April 2024? So all the teams working on the specific initiatives afterwards. So we made great success in the past 2 years okay? It's just to end 2.5 years ago. So in Europe, we're fixing our distribution has restored strong growth, leading by our epicenter strategy, including Paris and London. In China and APAC, as you guys also are aware, we have delivered excellent results. Salomon in China right now, we've got à stores. Starting from 2024, we got [indiscernible] 100. So in the past 2 years, we opened more than 200 shops, Salomon dedicated stores. And all these stores are profitable and they give very high productivities. And we're really crushing the markets we created a new segment, we gained the market share. So Salomon in China, I mean, quickly will become $1 billion market, okay? And North America, I mean, just thing from Omar statement, okay? You guys also see a great movement. We are still on the early stage, but we opened same-stores in North America, in the United States, all these shops performed extremely well. And we also start to cooperate the most distinguished retail partners like NorthStream JD Sports, Fook Locker, Dick's Sporting Goods, besides , okay, as our always outdoor -- the largest outdoor retailers. So we really open our distribution channel in North America. It is still on the early stage we explore. And the -- our sports [indiscernible] business it's frying. So people -- I mean, you guys also can experience not only in Asia Pacific, but more importantly, in North America and United States and in Europe. So sports style, XT Series franchise already become 1 of the most popular sneakers in the market. So I think Gian and his team will give you more elaboration why we can make such great success for our sports type business. What's the key attribute sitting in the sports [indiscernible] business to drive us to be distinguished from such I would say, such competitive saturated sneaker market, okay? So it's a great progress. And before I pass to the Salomon team, I also want to really recognize our exceptional talents across all the functions sitting here. And also, I want to take this opportunities to send my deepest gratitude to all the Salomon staff executives sitting here. Thank you for your great efforts dedication and commitment in the -- in this unique journey, okay? To make our brands at the $3 billion brand, I think, most likely before 2028. Okay. Thank you very much. Obviously, I also want to say some words on Guillaume Meyzenq, our CEO, President and CEO of Salomon, Guillaume started to take out the law at the beginning of 2025. The Board and myself eventually choose Guillaume as a permanent CEO for the brands. Why? 3 major reasons, Guillaume, 2026 -- 2026 is 30 years anniversary for Guillaume in Salomon. Actually, he said his journey with Salomon began back in 1995 as an intern. So in his brand, Salomon is the whole life. He knows Salomon inside out. Growing up as sportsman in Alps, Guillaume is a true outdoor enthusiast, deeply committed to Salomon brand, [indiscernible] and the communities. So over 3 decades, Guillaume got chance to hold many leadership lows in Salomon, including the recent the Chief Product Officer before he was assigned to the CEO. He really created the great product engines for Salomon, secure long-term sustainable sales growth. And on the other side, he knows the people, he knows the markets very well. And he's also very open-minded for the global -- I mean, how we'd like to build a Salomon from Annecy to the truly global sporting goods brand. So -- and he's also a quick learner and working and working extremely hard, and he's also a truly team player, okay, to work around. He's working on very, very well, not only for internal Salomon [indiscernible] but also the [indiscernible] from Amer Sports. So that he can really have very strong kind of organization to support him to fulfill the role he take. So I think it's a very right choice for us to make Guillaume. I'm also, obviously, very, very proud of transformation his team has delivered for Salomon in the past 3 years. So we are also very much still at the early chapter of this brand storage and the best lives ahead under the strong leadership of Guillaume Meyzenq. So with that, it's my pleasure to hand over the stage to Guillaume Meyzenq. Guillaume?

Thank you. Good morning. I'm [indiscernible], I'm thrilled to welcome you at Salomon ADC. ADC means an design center. My name is Guillaume Meyzenq, I'm the CEO of Salamon. So I've been working here for more than 3 decades, as James mentioned. I am a passionate alpine skier. And during the '90s, we see where Salomon was dominating the market, designing amazing gear. So it was kind of teenage dream job to join the company. And this is why I did as an intern. In my career, I have a few key stage. The first one is being an intern. I've been meeting in this corridor at the entrance of the building Salomon a few times and listening a little bit this passion and the about the brand when he was the Chairman of Salomon. Salomon joined also a big additive brand in many years, and I was a big sales role at Salomon at the time, and I learned about the disciplined merchandising, but also the business of footwear at scale. And finally, I did several role in R&D, business unit leader of Cross Country Ski, which is 1 of the strongest DNA sport of Salomon in the history. And my last assignment was leading the commercial part of footwear when we started to move from this outdoor niche in Europe to a broader trail running and this is where we already tripled the sales at the time and starting to be more global. And my last assignment was the Chief Product Officer where we decide we made a few decisions, so it was 7 years ago. It takes a time of building technology, knowledge, but we will make a strategic move. It's the first one is moving from trial running to all terrain running. And I think that the single you see in the entrants, having this ironman partnerships that we closed last week is a good example of how Salomon is transitioning for trail running, which remain our corp to lean road, gravel, and the second one was building Salomon in the cultural movement of modern outdoor sports and having this modern sneaker segment starting to develop at Salomon. So this is 8 years of story. We're going to celebrate it next year. We have a very unique platform. Sometimes you look at sports brand and you wonder, it's okay, where the brand is in from, which type of sports, I would define Salomon much more kind of engineering platform. And this engineering platform connected with community. Because today, we have so diverse sports. And when we speak about the sports, you have even subculture, so you'll hear about winter sport, for example, in Alpine Ski, it's not 1 sports. It's several subculture from racing to freestyle to freeride and so on. So what Salomon is good at is having this design center as engineering platform and having passionate people being able to connect with community and understanding what's needed for this community in the sport, but also how it's going to be the inspiration for the future. And a good example of that is footwear. So we launched footwear 35 years ago. So it was already -- we had already a long journey before we started footwear. It was born from a cross-country boots. And we have few generation of development, which gives a good example of what Salomon is able to do. The first 1 is during the 90s, for the one who remember at the time, it was very heavy rugged, outdoor, mid-cut to protect the anchor, and it was the way that people were thinking like if I go outside, I have to have this type of level of action and gear. Salomon was the first brand coming with a very light, local shoe with a full protection but amazingly versatile. We were able to do mountain bike, working, already working quite fast. And it was the first distribution that we create in the market. And if you go now to the market and you go to any wall of outdoor in the world with all the competition, -- of course, now mid-cut is really a small part of the range, and the inspiration was about agility lightness, versatility. The second was endurance in the outdoor. And we started with adventuring. But then quickly, we moved to trail running. I speak about trail running, what you have as an image now is this type of very big events like the 1 happening 2 weeks ago in [indiscernible] driving a lot of people, thousands, people running, 10,000 or even 20,000 people going and following an so on. In 2003, trial running was small sports, a small inspiration, only few races very limited community. So some of them in close Tatau in California, for example, it was also in [indiscernible] and in different area in the world. and Salomon decided that this inspiration give a much bigger opportunity than it was at the time. And this is why where we are coming and the innovation of Salomon was not only bringing a pair of footwear and say, okay, this is what you have to use is partnering with event organizer, starting to build a team, so where we identify young athletes, which have the potential really to change the world and elevate the game and create this inspiration for the rest of the world. And, of course, developing gear, and this is what Salomon did. And if you look at 25 years ago, you see also it's a good example of the vision we can bring and the contribution we are bringing to the sports and the industry. When we are coming now with gravel running, which is a new multi-surface raining, so you don't know where you're going to run, but you know already that you have this type of multi-surface versatile running shoe and so on. This is what we are currently doing. Or if we are doing the modern sneaker shoe, this is also a new space where we don't want to compromise between function and style when you go into the city. So Salomon has a big engineer platform connected with communities, consumer and creating the future gear of the market. So this is exactly what we are looking for. And this is why sometimes today, you're going to visit a space where you see a lot of products, but think of the purpose of the product and think about the purpose of what people are doing in this building. It's really the connection with insights, consumer insights, identifying the next solution to solve and moving forward. This is why we call it like innovation, but innovation 360, innovation to the consumer and, of course, product excellence. We started from skiBidings, which is sanyone of the most complicated sports gear to develop in the world because you have some component of safety. You have a lot of name to -- and of course, you let go people using more than more than 60, 70 miles an hour on slope and you have to bring the safety. So this is where the engineers are today formatted in Salomon. So when we are moving to the next year, footwear, apparel, bags, we have this subsection of durability, product excellence, quality because this is the DNA of the brand, and this is where we are coming from when we are starting to think forward and developing some products. This is today what's happened in terms of category. And I was using a few slides like that because at the end of the day, we are quite diverse. So I know that when I meet you sometimes in some meeting, sometimes I feel that you never know where you should start with Salomon because we have so many different products. So I wanted to clarify that and make it as transparent as possible like today, winter sport equipment and then a specific slide for each of the segment. But winter sport is 15% of the business. It looks small. But today, this is the largest winter sports company in sales in the world. Salomon is #1. Then we have performance footwear, 30% of the sales; sports-style footwear, 40, which is really the rising star and this is what starts to get us with a new population, new consumer. And finally, we have this head to toe apparel and bags, which is, I would say, only 15% today. It has never tackled as a play. It was more kind of opportunity for us. And today, it's already 15%, as big as the winter sport, but you could imagine that the potential opportunity, the where to play is much larger than it is. If I come back to winter sport and you will have a specific presentation from Xavier Le Guen, our VP for winter sport. We are in all terrain. We are a leader because we are covering any time you go on slope or you go and snow in the winter and you want to have an equipment gear, you will find Salomon. And this is what is unique. Everywhere you are going in the world. If you go to Japan, U.S., Europe, whatever you will find Salomon, and we are covering all the distribution with premium distribution with strong partner with our B2B partner. So this is what is very unique as well in the industry. [indiscernible] is our core performance category in footwear. So we are born in outdoor. And you will see that we are still amazing proposition in outdoor, where we are coming from. It's a niche. But of course, this is the sole place where we can express the best. This is where -- we know the best consumer. And then we had trail running, which is we consider as well as our business. As I explained you, we were shaping the trail running culture. And we have, again, very large proposition in trail running because we match all the needs in the world in different mountain, terrain, durability. So sometimes you have even different tone when you are going to different mountain and so on. And we are able to match. These 2 outdoor and trail running are places where we have a strong authority, where we have strong investments, connection with the community, a pipeline of innovation, and this is why we continue to have vested Salomon narrative. But if you look at them, you will see later, there are still quite small market opportunity. And they are moving to running all terrain where we identify gravel and road running as a big opportunity. Why gravel? because it's small. Once again, you can come back to me, say, okay, what's the size of the pie? Today, it's not a market as it is, but we bid that Salomon can really come with a very unique narrative, unique point of view. And we hear about the signal of multi-space versatility issue where sometimes road running are very slippy shoe, a little bit slippery and maybe not always matching the consumer needs. But this is where we can grow and we have the ambition to grow in performance. The second part of footwear is our core sports style footwear. What you have to understand, this is a much larger market than performance footwear. So sometimes you are looking at the number. You may think like okay, Salomon start to be bigger in this space compared to the performance but the size of the pie, the oppertunity is much bigger. So today, we are still quite small -- a small player in this area despite the fact that maybe in the place you are leaving, you start to see the cook kid wearing Salomon. This is only the place you are living, and this is only the place where the cool kids are living. So we have a lot more opportunity. What Salomon has been able to do, and I feel very proud of that, and I feel proud for the team because when it started to happen and we are selling only a few pairs in some Tier 0 plays, we had this vision of Salomon could be bigger. If you look at the sneaker market, sneaker is always with a cultural proxy. The Tennis is a big inspiration. You are going to -- you think about tennis and you may think about the brand and you may think about a model, which is leading the pack. And then you have that same for basketball, maybe 2 brands. But you may think about, okay, this is a big cultural movement and then they start to translate into this place in the city where people start to endorse this culture for their daily routine. [indiscernible] is another one. Sometimes you have workwear as well. Salomon has been able to shape the outdoor segment in the sneaker environment. And the XT-6 is iconic product of this segment. And the segment is very small, despite the fact that it starts to be visible, this is still very small if you compare to other segments. And you will see later in terms of how the market is developing, Arc'teryx inspiration is getting -- is very big behind outdoor, and this is why we have a lot of confidence in what we are doing. The last 1 is head to toe. So we are playing in the sport. We start to have more retail. So we have to have consumer base. You will see also how we are moving our consumer base with people more in younger. So of course, this is a big opportunity. And today, we are kind of -- I would call it as a baby step for Salomon. So we have engaged investment. We have developments. We start to consider maybe having in some area in the world, a bit larger stores so that we can fit apparel together with footwear. So this is in motion. But today, it's remained quite small category. While you will see later with iteration best, for example, we believe that we could have a very strong point of view and bring very strong innovation in this segment. So when we have been doing that and where we are standing now and the movements, of course, we get some results already. And today, these are the few KPIs that I wanted to share with you about Salomon and some of them are very strong KPI for the sporting goods industry. The first one is you hear about James of what we decide to invest behind footwear. So because this city sometimes creates a tension of a little bit seeding investment a little bit everywhere, and then you are a bit losing the track with the consumer, how you deploy it in the market. So we decided to go full speed on footwear and over-index our investment in footwear. And it's happening. So it's making like we are growing fast, and this is a -- this is 70% of the [indiscernible] sales today. The second one is we accelerate in sports tile. Of course, you can see this type of 30 index looks like amazingly, we started from very small, just going outside of Covida starting to go to the store, I would challenge you to find any Salomon shoe the store. You could see it in some e-com -- in our e-com, in our same store, some Tier 0 Tier, 1. So maybe Keith was already a partner in New York, for example, but it was only 1 store in Manhattan. So -- but of course, we have this big acceleration. Another way and it was very intentional is how much we were able to grow the price. So 1.4%, we increased the price by 1.4% in the category. So it's a massive work. And it's not just you reprice the current product is you are going intentionally say, okay, we become premium. So how you curate your distribution how you are playing the game of merchandising where we really decide to go on the best product and the best proposition for the consumer, but one, which has better value, and of course, how you are moving forward in different scope and retail was also supporting this development. But this is a massive shift for Salomon. It also put us to rethink the way we are structuring the range the way we address the market because now we have a different positioning in the market. And finally, ultimately, after all this very I, of course, we improve the profitability. -- and we double the profitability, which also is a very good place to be. So as a conclusion, it's -- we have the figure of 23% for the last 5 years. And our revenue at the end of '26 will be above $2.5 billion. So this is where outstanding now, and this is why hopefully, we start to raise your attention to salmon, okay, what's next? How Salomon from this European niche brand, small category start to become visible in the market. and how Salman will become a big player in the market. I think we have several very good assets. The third 1 is a consumer sentiment. If when we are going and we are going to the consumer and we ask them what about Salomon, what are the key word, which is popping up. [indiscernible]. I remind you, we are starting from ski biding was very complex. We are obsessed by quality and so on and get what the consumer can look at it. We repositioned the brand. We have a better experience, and we look like premium brand. innovative, which is a big responsibility as well because innovation is kind of blur word and you understand that the challenge of this building and all this team is always coming with new ID but compelling new ID and engaging the consumer for the future development. This is what they perceive from Salomon. And the last 1 is on ventures. I think that we are not a still standing type of brands. So we are a brand where innovation is not coming like we have done 1 product and we redo the same and we do it better, we do differently. We are coming in new way. And I wish that 1 segment for the 1 following the industry, we were in is. We closed a partnership with Ironman, and we claim our adurance positioning, starting from cross-country ski, auto racing, trail running and now moving to Tritan. This is about adventure and this is about unexpected, very legitimate, authentic, but also a new adventure for Salomon. So this is about Salomon, and this is very strong assets for the consumer. But then we were also looking at the big societal trend and we all start to understand how the crude is moving forward, what people are thinking and what they expect. And we identified 4 driving force, which look like tailwind for salmon, driving force, looking like tailwinds for salmon. The first 1 is outdoor how there is a big inspiration today. So we are connected all day long. People are living in large city and the city are becoming bigger and bigger and so. And of course, going out, just connecting with the nature is becoming a big, big part of the inspiration for consumer, it's even starting to come like kind of luxury. So if you are able really take your holiday, having free time and go outside is becoming more and more expensive in the good quality, but this is also kind of inspiration of how you spend the time. The second one is fitness, but fitness in community. All the sport and image you could have during the 90s 2,000s, people starting to running in the morning, running alone, the people want to share now their experiences and community is becoming a big part of it. As I used to say, is certainly at the age when I was 20 years old, certainly, connecting France even having a date were certainly much more going to the bar or going to the night club and sun. I would remind the 20 year old girl or buy to start running and start to connect with the local community, and there is certainly a lot more opportunity to connect and having social relationship with people. The next one is health, and we know how much health, mental and physical health is becoming a big topic. If you listen to the news, this is things that you hear very oftern about how people are looking at that, how we can improve this the quality of health for everyone and how individually people understand that this is certainly our biggest capital. Life is about health. The next one is longing for engagement. If you look at the sports industry, you have 2 type of sport. You have some of the team sports where as kids, you dream of becoming a star, when you are going to the college, you may practice the sport for few years, and then when you leave the college, finally, you go back, watch on TV or in the stadium and you get this inspiration. And you have a difference sport, where you start at 7 years old with a pair of ski, with a pair of hiking and you may continue to practice the sport until the end of your life. And this is where Salomon is playing. We are playing with a sport where your life long, you can enjoy practicing our sports, running, skiing, hiking everywhere in the world, in family, in community. And this is about Salomon. And this is where we feel that we have also a lot to bring to this movement. And the last one is function [indiscernible] -- function meet style. One of the biggest transformation in and wise modern outdoor sneaker was starting to have a big impact in the market. It's because suddenly consumers don't want to choose. And the world was a little bit kind of black and white. You choose your style or you use a function. But unfortunately, if you choose a function, maybe you have to trade off. Nobody wants to trade off anymore. And when you're coming from an outdoor gear or footwear and you are moving to the city and you're able to speak with new energy, new environments kind of influence in the way we are addressing the words. Of course, you have this type of -- you don't choose anymore. You know that your product will have an amazing function, rain protection, warms, workability, especially for terrain show is able to do 100 miles, and you have the style at the same time. So these are the 5 forces where we believe that we could take advantage of that and we can move forward in the market. So this is our position in today. And this is how we are starting to describe our strategy for the future. And I wanted to start from this slide because this is what will drive our consumer experience, our product development, the way we will articulate -- our campaign is about the modern mountain sports culture. I think you understand the point where we are mountain sports, clearly. We were more mountain sport linked to performance for many years. So it's become a culture because it's like you practice or you don't practice, but you go to the movement and you undersea movement and the modernity of Salomon, where we challenge always the status quo, having this engineered platform and finding new solutions to the words every time we are coming and there is a new trend popping up in the market. So now we are moving to the steps and the next chapter and how we are moving forward. The first one, and I started to disclose this inflation is we started from a very core market. If you look at winter sport equipment, outdoor footwear, trial running. This is kind of -- we calculate $25 billion visible market. You just think about what we are currently moving forward and we start to move from trial running to all terrain running, so going to road running, gravel and having sports style already the market is 5x bigger than the previous one. And we are growing very fast, but we are still very small in this market. Our market share are very small, we have still a kind of low brand awareness, and we can have this opportunity to continue to nurture the opportunity of in front of us. And if you think even forward for the coming years is -- and you think about we start to address head to toe and not in the fashion area, just like head to toe is just linked to what the sports wear are practicing, raining silhouette, outdoor silhouettes, sometimes a little bit more versatile, but still in this type of work to play. The market is 300 billion. And of course, we have a massive opportunity. So but if we want to address this new market, of course, we have to -- we need to have a very compelling and very disciplined strategy, and this is what I will start to disclose. It start with category management. So what are the function and the mission of each of the category in this strategy. We first have to protect the core. And of course, people believe in Salomon because we have this core authentic point of view in the sports, in the mountain, and we have to protect the car. We have to accelerate in running. We have several very good success and signal that we can really make it happen and transform. But of course, we need to go bigger scale, investing in events, inventing in [indiscernible], coming still with new pipeline of innovation. I'm pretty sure you will be impressed with what you will see tomorrow for[indiscernible] . Then we have to build on sports style. The market is big. We have a small market share, but of course, now we are becoming visible. How it's continued to nurture and we continue to take a bigger space -- and of course, it will deal with new products. It will deal with new type of story to move forward and continue to grow this space of modern outdoor sneaker. And the last one, how we can expand in head to toe. How much we can benefit from this energy, connection with the consumer, better touch point, better quality touch point and suddenly, we have a little bit more addressable category. So the category in plan. The next big one is how are we going to develop in the world. And today, we have a unique opportunity. Today, Salomon has success in every region. We are not in a case where we are good in Europe, and then we are challenged in the places. We are growing in every space. We have different type of maturity and life cycle maturity, different type of challenge and we are a game plan, we are winning everywhere. Today, EMEA is our largest region, and it's, -- this is where we are coming from. This is our domestic market. And we continue to agree. We continue to create the opportunity. The second largest one is China, and you hear about James, how much we have been intentional behind China, how much we have been able to connect with the consumer, creating amazing experience in sports category, but performance -- sports style as well. And how we continue to nurture and grow the market in China. APAC is also developing very fast. We have a long-lasting history in APAC. So we were this type of niche brand in winter sports, in Japan a little bit in so people know the brand and know the brand from this type of premium, super authentic part and, of course, now are able to leverage with a new product category and new connection with the consumer. And the last 1 is America, North America is today our smallest region, where you have the biggest markets. So guess what? This is really where we have the biggest challenge and this is why so people start to be really focused. All the teams start to focus behind North America and make sure that the early trend we had and the positive momentum we are currently building transform at scale in North America. So category plan, regional one. The next level is the channel. And you have a lot of discussion in the sporting goods industry between what -- how brand has to displace in channel, so between D2C and between B2B. I think that we have a very solid plan and vision of how we have to drive omnichannel at Salomon. First of all, -- we have 1 omnichannel concepts and then we tailored the strategy according to the region because you have a region which are D2C like China, where it's retail and e-com. So we absolutely need to play this game. And we have other regions where if you have a strong and large footwear brands, you absolutely need to work with our B2B partner. They are the 1 -- they are very instrumental by being able to nurture your innovation, connecting with the consumer, driving a large traffic. And they are we are a long-term partnership with them. So this is why we have this retail strategy where we are looking at premium location, what is the best experience for salmon in the premium location. E-commerce -- you look at the sales mix of 15%, which does not mean a lot because depending on the region, you have large e-com business or small e-com business. So it's more kind of average of a very big stretch number. But for sure, this is why you have your digital flagship. This is why you can monitor what you're doing. This also when you are starting to invest in media and you will see also how much are focusing on investing in quality media of course, to translate into business and you translate with your e-com business. And then our B2B partner, and of course, premium partner, long-lasting partner. You have some of them working for them for many years. And of course, we continue to develop the business. And you see also you see quite a lot of U.S. banners where we start to mortgage last year and this year, new development. So category, region development, omnichannel, and then we have to articulate our strategy in order to invest and make sure that we have clear investment behind our marketing, media and comments. The first thing we have been doing is we are focusing on epicenter. So we have 7 epicenter in the world where we're focusing it. You will see the details. But of course, Paris is our lab because Paris is where we are coming from. And this is where we over-index in terms of retail investments. So we have several store. Sometimes the stores are in different locations with different type of product proposition. We are partnering with our B2B partner to make sure that all touch points is very well covered. And we are investing in marketing, either in media or also in community. The second one is we have -- we built the brand here to sport and cultural proximity. You will see what does it mean. But definitely, we have -- we are becoming very accurate and sharp on the choice we are making only few campaigns per year linked to product innovation, and we are already trying to build this cultural element where we have the strong legitimity with the consumer. And of course, the part of authenticity is the name of the game in this area so that people connect with Salomon first time and they can get the full Salomon story. And the last one is about community for 2 reasons. First of all, community is a source of inspiration of insight, you under it. So we innovate because we have this connection with the people and we listen to them, we get close to them. We are doing sport with them. And of course, this is also a big relay in terms of marketing, how much people wants to endorse your brand and start to communicate across the market. The more you go in different cities, the more you need to have this connection with community. Growing fast also plus a big responsibility or at least give us as a leadership team, a big responsibility. We have a lot more means, and we have to sustain big growth. So we need to invest and we have to build this company. So we understand that the company was below $1 billion 5 years ago. Now we're in the journey of being above $2.5 billion. And of course, we need to invest some money we have additionally and where we have to invest and how we are to prioritize. And I wanted to disclose also where we have full commitment and where we want to build this type of Salomon at scale for a multibillion company global one. The first one is product innovation. So no surprise. We have to continue to have this narrative of unique innovation, what's next? What's the next technology, what are the next inspiration from the consumer and how much we can find solution for them. And I wish you will be impressed about what you will see this afternoon. The second one is brand awareness. We are coming from this core small outdoor brand in Europe, and now we are anywhere. So we absolutely need to continue to tell the Salomon story across the globe on the relevant way and also with the right channel. The next was D2C at scale. You understand that it's not 1 size fit all so. We are not a retail compnay. So we are a product company, and we are trying to find the best way to distribute our product in omnichannel. But, of course, continue to create these amazing touch points, creating a Salomon experience, having the best location in the world, remains 1 of the biggest focus. We're going to open a store, for example, in the Rodeo Street in L.A. in a month. So it's a good ample where we are looking for the best location to create this connection with consumer. Digital, IT, AI is also a big part because on one hand, we are growing very fast, which is creating some challenge, but we have also a lot of opportunities how we are shaping the new Salomon. And how much when we are starting to have new system, IT system, platform, we are able to shape and create a platform updated to the next ambition we have for Salomon. And AI is also a big topic. We start very early to think further about how much we're able to create new products design, testing, using a lot of data in order to understand how -- what is the pattern of the consumer answer. And of course, we are looking for. So we have a lot of small projects around. There are a lot of different expertise in order to leverage this big opportunity. The last 1 is about talent. A company could not sustain and deep and be successful without a very strong future. which is also. And we have a strong future, but how much we are able to scale and continue to enrich this culture. I need to be done with 2 different type of opportunity. First one is continue to develop the people in the company and giving them the big opportunity. You can understand with my profile, I'm very passionate by when someone is taking advantage of moving forward, having new initiatives, showing leadership how much we can train them and start to continue to develop them. And this is a big part of the future of Salomon. And also showing carefully the best talent of the industry. The 1 who understand the Salomon story and the Salomon opportunity coming amazing expertise and being able to bring additional asset expertise in the market. This becoming one of the biggest focus at Salomon is how we are really building a Salomon team across the world with a very strong culture. So as an example, is the Salomon leadership team, we call it SEB Salman Executive committee, where -- and you will be exposed to people, some of them we do presentations, some of them you will meet at the break. Some of them are in the pattern of internal development at Salomon, catching opportunity, developing themselves. And of course, we have also very seasoned people coming from the -- outside of the organization, different brands. not only on the usual space, you will see that we have people coming also from parallel industry like fashion or luxury because we believe that we have a lot to learn from this type of mature industry as well. And a good example of that, which is kind of disruption is [indiscernible] Salomon that you will be -- he we will do a presentation about some we have in the direction. Coming from [indiscernible], where we had a long-term collab, but also passionate outdoor deck, doing a lot of trail running and the skin during the -- what is very unique for that is usually sporting goods brand have redirection in products and creative direction in brands. So we are trying to identify the 2. And we think that this is also kind of next generation of brands. if you want to create a very unified proposition between products, retail experience campaign, you need to have this type of unification, it makes sense for the consumer. And it's also a best expression of how much we can move forward and continue to speak the authenticity of that. This is a strategy. It gives us a very strong conviction about the business case we have in front of us, being attentive, continue to nurture innovation, having an amazing team, having a very disciplined strategy how we want to develop in the world, with our channel, with our partner, connecting with consumers. We have the conviction that mid-teens CAGR for the next 5 years is the future of Salomon. And we will really -- the company is in motion behind this strategy and this ambition. And our -- if you are moving forward and growing the business, of course, you are improving the operating margin. So this is really a very strong conviction, and you will see how much people dedicate energy behind this product. The last word is, what fascinates me is what I will do tomorrow. It was a court of [indiscernible]. And among all the legacy left to us, I think this is one of the biggest one is this inspiration of what's next, how moving forward and celebrating the past, being proud of our authenticity of what we have been doing, but how much we can move forward. And we will move forward with the right product we win with the consumer. We're going can move forward with a strong global omnichannel developments, making sure that we have a strong partnership with our B2B partner. We will move forward -- we will succeed as well when we will have a clear game plan, how we address with the consumer coming from epicenter, having very strong authentic campaign, but also moving and connect with the community. And of course, having the right team to grow. And I wish that you will enjoy the day, be exposed to our leadership team and understand what means having a very strong team dedicated for the brand. So I thank you very much. [Break]

Good morning, everyone, and welcome back. Welcome to Annecy. I'm ever. I'm in charge of the Winter Sports Equipment business for Salomon, the origin of the brand. In fact, it all started in 1947, in Annecy. I discussed with some of you this morning. Some of you enjoyed the work last night in the old city -- this is exactly where everything started in the old city of Annecy where Francois Salomon had a small workshop, manufacturing silver blade. And is son, George, so an opportunity with the emerging of a new industry, the manufacturing of Alpine Ski. He thought Okay, we are making so late. Why not making metal hedges for skis. This is how the Salomon family entered in the winter sport equipment world. And for now, more than just a product category more than just our routes, more than a solid business.winter sports equipment is for Salomon, the DNA and the powerful driver of our brand equities. Yes, we are at the forefront of winter sports equipment since 1947. As and then the first automatic binding for more safety. And then the revolution, the real entry, alpine boots, that combine both performance and comfort. We are at the forefront of winter sports since 1947 with a relentless stable recipes. It's all about product excellence rooted in innovation. And that is putting us today in the leading seat. We are the global leader of the winter sports equipment business. We have roughly 13% market share in a mature fragmented and competitive markets. This leadership position is remarkable, is unique in a sense that we are extremely well balanced across the 3 regions, North America, EMEA, Asia, this is unique. No other brand has such a nice balance of business. This unique position comes as well from the fact that we are covering all the discipline of winter sports, Alpine [indiscernible], Alpine freeride, Snowboard Cross Country. Why is that important? It does 2 things at once. It's cautioning us from cyclical downturn from a region or a sport. And also, it allows us to touch vast diversity of consumers across the globe. Whatever you age, your style, your nationality, Salmon can speak to you. And indeed, we are reaching the cool kids, core free stylers, snow borders from West Coast in North America. We touched the active adult in the Scandic for instance, 1 train in winter time in cross-countries skiing, perfect complement of their active sport in cycling or running during summer. We touched the premium families who safeguard a weekend or holidays in the resort as a premium family quality time, and we touch urban use who are learning how to ski or snowboard in a dome in Shanghai. So that's how Salomon has offered a nice segue -- a nice entry gate to a broad type of consumers. As in the past, as with George Salomon, CP already start with products, product excellence. With our heritage of engineering we are making products really superior in function. Aligned with our puring of model Mountain Sports that Guillaume introduced to you, we are radical in design, aligned with our heritage of craftsmanship we pay a lot of attention to detail. And this product excellence is also visible in the way that we transform our industry towards sustainability. On this picture here, you can see the Brigade helmet, the first helmet fully recyclable and unique helmet fully recyclable of the market. Product excellence is a social case in the way our engineers have developed incredible processes to allow everyone to enjoy the glide on snow even after a tragic life accident. This product excellence is revealed through sports through the performance of [indiscernible]. We are winning on the biggest stage. Take, for example, Milano-Cortin last winter, Olympic, Olympic game in Italy. The Salomon athletes won 36 medals. And in Para olympics, 9 medals showing the commitment of the brand to reveal the greatest of everyone. And every year, we are present on more than 200 points on World Cup, World Tour, et cetera. The interesting thing is that our assets are giving back to us. Most of our products are developed with their experience, their inputs. Winning on the bigger stage is great to qualify the superiority of our products. It's also a fantastic amplify effect. Sonic landscape, incredible image on snow, deep emotions of the outlets -- this is a great way to connect emotionally consumers. And this is visible on TV on our own media, on outlers, social media, in the press. Every year, we are reaching more than 1 billion people. And in an Olympic year, it goes -- it's more than 2 billion through winter sports. So to recap, we are making great products. We qualify the super of our products through sports and winning on stage. And we connect emotionally with the consumers. Next question is how do we go to market. Our primary focus is to connect with consumers where they are ready to purchase. when their mind is connected to the sport. And to be honest, for most of us, winter sports is a hobby, and we don't necessarily think about it all year long. Therefore, 6% of our business happened in resorts, through retail, specialty, our rental operator. For the 1 of you, most avid, we like to prepare in advance their equipment, you can find us at key accounts like Paragon in New York or with e-tailer like EVO. And you may think 10% direct-to-consumer, it's really, really small. I don't know if some of you have bought recently pair of Alpine Boots, for instance, I'm sure you to purchase that online I'm not sure that you are absolutely sure that this is what you need, and you don't want to try different type of product. In fact, more than 50% of our direct-to-consumer business is addressing sessional. People who know exactly what they need, ski lift operator, clubs, teachers and so on and so on. A very, very important point now for Salomon winter sports equipment, a massive competitive advantage we have is our operations excellence. The specificity of this industry, we own most of our production facilities. This has enabled us to develop best-in-class processes and tools along the years. This has enabled us to develop very strong engineering and R&D capabilities and expertise. And more importantly, this is offering us a massive scale through its outdoor performance segment, Amer Sports the global leader, Salomon, and the #2 at [indiscernible]. And we also have some other brands like Armada. So all in all, when you produce all of that, it's more or less 30% of the market that being produced by the industrial setup of Amer Sports. It's a massive advantage in terms of scale. So we've talked a lot of the current status, that what we do now. Looking forward, you may think, yes, it's a bit a changing business. We all know about climate change. We all know about global warming. We all know that resorts below 2,000 will struggle to operate in some case. It's absolutely true. And it's fully embedded and acknowledge in our strategic plan. At the same time, we can see a very, very positive dynamic on the market. One very important KPI for us. Today, we have 400 million ski days per year. What does that mean? Imagine that everyone going to ski 1 day is purchasing 1 ticket, we are selling today 400 million tickets per year in the world. It's a all-time high. It's a bit counterintuitive. I think that 10 years ago, it was 350 million. So you can see that there is a dynamic, very positive, which we can explain 2 ways. First one, the magic of winter sports. -- in the stressful world that we all live, connected world that we all live, urban world that most of us live, escaping in the resort, in the mountain for a couple of days or a week remains a great luxury. Second aspect, you can see it here, we have new markets emerging fast. Biggest example is China. 3 years ago, there was roughly nobody skiing or snowboarding. Then the Olympic arrived to Beijing. The government decided to invest infrastructure, in clubs, in ski school. There is today 35 million skiers and snowboarders in China. This is the biggest number of participants in the country. So they are not skiing as much as American. But -- there's a lot -- so which is preparing the next generation. And what's happening in China? We can clearly see it happening. Indian people we want to do skiing. Middle East people and so on and so on. It's very interesting thing with China that is showing the way to a lot of markets is the way they've built it. You learn how to ski next door in a dorm. Then when you're getting better, you go outdoor in a resort in your home country. And then you're becoming more of an expert, you can travel the world to enjoy different conditions. And this is something we can really see in some places. And the last thing is that consumer wants premium. Our consumers are used to premium experience where they live, are used to premium experience when they travel, and they want premium product as well. So our average selling price went up 30% in the last 5 years. This is how we explain all the dynamics, explain our growth, 8% CAGR in the last 5 years, which is clearly above the market growth. We are taking market share. When we are looking ahead, we are confident that we'll keep growing low to mid-single digits with 1 goal, again, always the same outperform the market and take market share. So to conclude, Salomon is the only winter sports equipment brand that has been able to diversify successfully in soft goods, the only one. And this is a virtuous circle for us. Winter sports equipment is clearly benefiting from the brand heat, from the coolness of the brand and the connection with urban consumers. The other way around, as we hyper accelerate in soft goods, the strength of winter sports equipment is a very, very strong asset to nurture the brand authenticity. And my key message, a bit like what Guillaume said this morning, we want to bring the mountain sports culture to the city. No other sneaker brands have such an asset. No other sneaker brand play in such an inspiring playground with the same passion and the same commitment as it did on day 1 in 1947. Thank you very much.

I know wearing a red shirt during an Investor Day is a risky choice. But don't worry, all the numbers that I will show is green. My name is Christophe Cavazzana. I've been born in the world of sports, especially cycling. What's it means in the world of cycling is pushing the boundary of myself, but mainly to create adventure, adventure to explore new terms. With Salomon, there is 1 of the beautiful adventure has a chance to be part of, the Sportstyle adventure. I led Sportstyle since 2015. And with a collective. It has been an amazing journey, an amazing journey to bring the mountains sports culture from the mountains to the city. And I think we can be very proud of that. But guess what? It's just the beginning. Today, I'm Vice President of Product & Experience, leading all the product offers in the soft goods area. Today, I have 2 missions: one, make it clear our pattern of innovation and the second one, clarify our product strategy. Let's start by this one. Guillaume already shared with you the Salomon innovation, product excellence. But what do you see on the screen, some of you will see just a show. Some of you will see the show that you are wearing, the XT-6. But what I see is a technology, Sensei, for foothold, chassis for support, [indiscernible] for the group, quickly. All this function, is innovation to solve a problem, to solve a product from an athlete or communities. And many years later, those functions meet the styles. And you guess what, we created the outdoor sneakers, but we'll come back to this because addressed big elephant in the room. Innovation, how we approach innovation, 3 pillars, pretty simple. The third 1 for those guys who are here physically any, you will discover S lab. S lab stands for Salomon laboratory. It's our public laboratory to express our innovation, to put the boundary of engineer, to push them on area of design. And this is what we build at the pinnacle. This is our pinnacle line. The second one, we are very lucky to have more than 60 athletes across trail running, road running, free at long and even handicapped athlete. By having those athletes, we are able to push those innovation across different terrain, different culture, on the mountain, on the street and so on and so forth. By doing that, we have feedback that we inject in the product of our creation. You will tell me this stuff is good to have innovation, but it's better to scale innovation. That's the third pillar. Every innovation that is upon in the S lab, we try to inject that in our core offer for a wider base of consumer. This is a pattern of innovation at Salomon. Product is 1 thing. Product is 1 piece of the ecosystem. Guill already shared with you that we have what we call a creative direction. If we want to make impact, we need to build consistency and coherence between the product, the brand any the consumer. Okay, for innovation, okay for the consistency, but we are missing 1 piece, consumer. We need to connect to the consumer. You will see in my presentation that I have tenancies to speak about. I forget to speak about consumer because for the team here in Annecy, it's a no-brainer. It's part of our daily life. So bear in mind that every piece of product there is a promise behind. There is a consumer, whatever is the top athlete or a wider consumer. Consumer and also from mountain to the city. So it's a strategic choice that we bridge this mountain sports culture from the mountain to the city. By doing that, we address a wider base of consumer, so a wider base size of the price. Okay. Now it's time to concretely enter into products, and it's what I like. So let's go. This is our portfolio, the soft goods category portfolio. Each of the segment has a clear role, a clear mandate in our portfolio. From the left to the right, from the left, which is our more comfort zone, our authenticity, authority in outdoor two, you have seen apparel and bags where we have more market share to gain on the right. I will start with outdoor. So by the way, footwear more 80%, 85% of soft good revenue. So footwear is our priority. 85% of revenue is footwear. Let's move to outdoor first, 15% in '26 of our sales mix. But I will start by the end, not just the beginning. I think today, if you go in the mountains, you know this shoe, modern outdoor shoe, light, breathable perfect shoe for going on the mountains, very comfy. But where we come from, where we come from 35 years ago in outdoor, we come from this, we come from another adventure. The name of the shoe is Adventure 7 in 1992, first, hiking boots. But I think if you look at the far left, you recognize some things. In 1980, we had a Nordic ski boots with all innovation as well, all innovation propriety of Salomon. And from this, we created the first hiking boot. And from this, we went further to create with new innovation, new technology, the modern outdoor show. So 35 years of [indiscernible] in outdoor, 35 years of innovation, bring us to here. Today, it's what we call undisputed authority, top 3 leader player in hating foot in Europe, key markets, Germany, France, but as well above 15% market share in Alpine countries. This is really what we call authority. If we move to the product, this is our franchise portfolio. You will tell me, but it's not a lot. Yes, it's not a lot by choice. 3 key franchise, X-Series, Quest and [indiscernible], simple, better, bigger. This is a choice, and I will repeat that in different segments, simple, better, bigger, free franchise with different proposition accounts for 80% of the outdoor revenue in 2016. And if you don't know, we got 7 awards from U.S., Europe or China, so award from consumer, award from media and so on and so forth. This is a recipe. So it's a piece to build and scale a franchise. Let's take the example of the X Series, how we target different type of consumer, how we target different type of genders by playing with different triggers. The first one, top is colorway. By playing the colorway, you can raise different wider audience. Material iteration and also different ankle cuts. Part of this model group, Sensu, different duration. It's allowed to maximize and to reach a maximum consumer needs. This is what we do in outdoor. If you look forward, we'll apply this recipe. We'll reinforce our leadership in outdoor by outpacing the market of outdoor with single-digit growth rate. by expanding the existing franchise, like I shared with this CMS color material finishing and also by launching new franchises. Every 2, 3 years, we come in with a new proposition, new franchise. We put in the market new innovation, and we apply this recipe color material finishing. Let's run. We move or we stay in maintains, but we run. This is our biggest market, an opportunity we have in performance, 20% nowadays for the running performance. This is a picture, and this is what we call internally run in all terrain at Salomon, covering trail, gravel and road. Trail, our comfort zone, where we come from, but the size of the price of the market to 5 billion, quite small. But if you look at the right, where biggest opportunities happen, and the total market, EUR 40 billion to EUR 45 billion. We have 1 gravel in the middle, just untapped terrain in the running world, and this is where Salomon started to enter a few years ago, a few seasons ago and is our current big bet. But we'll take 1 by 1 and we'll dig 1 by 1. One important piece. Back in the time, it was very siloed. One consumer was only doing trail. The road runner we are doing only road running drain Nowadays, what we see and what we see, the trend is that if you are running, basically you run on the street, you can run gravel and you run on trail. There is no any more silo, which is important for Salomon because we have the equipment to address those needs. Let's start by the trail. I think you can picture the trail -- this is a trend, mountain, technical trail, beautiful landscape and sometimes very tough conditions. Trail, you understand from Guillaume, it's where Salomon where even before we speak about sports, even before a lot of competitor enter. It's where we were part of the first mover. It's where we bring innovation. It's where we shape the silhouette of a trail runner. It's where we shape the sports and the races. And nowadays, that trail is becoming a global phenomenon. We are 1 of the established leaders. If we look at product back in the times, we had 1 product from the red win specialty for the head adventure races where you do multiple spots, X-Series, Xtensa. Nowadays, we have a range, a quiver of technical product from S lab to the top of the product to a wide to address different needs, we have this quiver of product. And like I said, behind each show, there is a story. There is innovation There is need there is a problem to solve. And I encourage you to go in the showroom to touch a product to fill the product and try to see that. This is a DNA for Salomon. As a result, today trail is 10% of the global market share in '26. Same for outdoor, we won global awards from magazine media based on consumer feedback. So we continue to run, but we are going a bit down on the mountain to do gravel. I think some of you are coming from the U.S. and in U.S. a gravel road are a bit everywhere. It's a no-brainer. This is gravel, where you can escape from the city, play with a terrain, be comfortable in the street, but also be comfortable on the light gravel road. This is our recent success and our next big bet. We see a space like trail running, and we enter in this space. Today, we are shaping this space, and we want to own this space and to lead this space like trail running. And it's where we can express all the technology that we bring at Salomon either through trail or road running. If you take the outsole of our show, basically, this is our product. You can recognize a very trail shoe. You can recognize a clear out shoe. But if you put and merge the best of the 2 worlds, you have in the middle, the gravel shoe. End of grip, comfort and cautioning to play with a terrain wherever you are. It is my go-to shoe when I am in business trip because I know that I can run in concrete. I can know I can go on a trail without compromising things and so on. It's really the go-to shoe. And it's the feedback we have the consumer wherever they are in LA, in Paris or in here. And it's working, and we were right to take this space. This is a figure 3x growth in 25%, 15% in '26 of the sales. And in U.S., 3 awards with the [indiscernible] gravel in '25. Best comfort shoe, best gravel shoe and so on and so forth. Now we went to the mountain, we went to the gavel, it's time to go on the road. And we are here to speak about innovation. So the [indiscernible] that I'm hearing, which is made in France. While the current wall champion of iron man, Casper tons choose Salomon and choose shoe, the 3rd January of '26. Why amongst competitors because it brings all technology, all marginal gains to win second during this moment. And you can understand that after swimming, biking 150K and you need to run a 42K marathon, you need to have the shoe that helps you to perform and to win second and gain marginal gain. This is where we are in road running. But I speak a lot about top at let you bring innovation as well for a wider base, for every consumer where we are bringing this technology to make win every second for every consumer. At Salomon, we have this positioning called Dynamic Conor. Comfort's cushioning for your long run also dynamic and comfort for your ultra marathon, your drug. It's okay. And we extend that across the range from top to more inclusive, road, from top to training and in between the gravel, go-to show. If you look at the year for sure of many, many other shoe. But if you look at this picture, you have all the products that you need to do a marathon, an ultra or just a simple joh in central park. With Gravel now, we have this portfolio, and we have this versatility of so and to provide -- to reach a new consumer. I will continue to grow in running, push gravel running. It's our big bet. It's a space. We enter in space and to own this space. Second, continue to bring innovation, continue to bring key franchise, animate franchise. As an example, I spoke about [indiscernible]. 100,000 pair 3 years ago, almost 1 million pair next year. In 3 years, you can see the progress and also the success that we have. You can imagine as well, and you will see that later with by partnering with athlete or events, it will help to bring this awareness to a broader consumer. Let's stop. We move to Sportstyle. Sportstyle, the most recent and biggest growth driver, and I guess this is where you have the most question. Sportstyle, it's a category that has grown from a double-digit million business in '21 to almost EUR 1 billion. I remember with the team to celebrate our first EUR 50 million business. And for us, it was amazing. If you look at today, it looks far ago, but it's not so far ago, only a few years ago. [Presentation]

We invented in performance, reinvented in the city, invented in the tough stern on the mountain, the ectasis here wearing wear by our athlete in 1993 has been invented to perform in 100 miles around Montblanc. 10 years later, reinvented in city. It's an iconic product of what we call now the outdoor sneaker. And like I said at the beginning, it's bring all the technology, the [indiscernible], the contact grip, the quick lace, even what we call [indiscernible] feet to make sure that the [indiscernible] are not going inside, all these bring now comfort in a different usage, reinvented for our brand, reinvented for diverse communities. And the adoption has been organically. We didn't came here and push it. The community, the culture of sneaker adopted first. And later today, I will share with you the first show because it's not the excess for sure of Sportstyle. You will see, I'll keep the secret for later. But next [indiscernible] the icon in a few years, it has been a success story, but it's just the beginning. We didn't even put marketing budget behind at the beginning. So initially, I wanted to share with you all the opinion leaders, all the starts, all the VIPs that are wearing Salomon. Or Formula 1, top model, but for usage rights, I was not able to do that. But here, it's a perfect example of the communities wearing Salomon understanding the DNL settlement, understanding the mountain sports culture of Salomon and playing with that. Sportstyle starting the growth, 30x sales between '21 and '26 and the most interesting part with Sportstyle. It's a huge catalyst to target new consumer. Today, 80% of consumer in Sportstyle are new to Salomon. You will see the details with very later on the age and everything. But for us, it's amazing. We target 80 new consumers that we can also transform into the world of performance, whatever outdoor, running and so on and so forth. Sportstyle grew an over 90% CAGR over the last 5 years. Now it's becoming our largest footwear category. Let's talk about the big elephants in the room, the XT-6. I keep hearing the question every time I go, yes, but you are dependent on the Xt-6 yes, but your XT-6 you're shoe. Today, for sure, we are very young in the world of sneaker. We are new. So that's why the XT-6 is a more visible show today, and it's only for us since 3 to 4 years that we are putting investment behind XT-6, 100% CAGR between '21 and '26 on XT-6. And the most interesting piece is only 15% of the brand sales is XT-6. And we have other babies, such as XT-WHISPER. For me, it's a bigger success story than XT-6. And you will see why. 15% of Sportstyle sales are WHISPER, and I spotted that some of you are wearing with WHISPER. In 1.5 years, we moved from 0 percentage of sales to 170% sales growth. We moved to 0 pair to almost 1 million pairs in the year and half. How we did that? This is our recipe. For sure, I will not disclose all the recipe. It's like my grandmother when she was cooking. I keep some secrets. But basically, in 1.5 years, it'a a principle. We have in range launches. So we start by a very weird color, 24 -- December 24, then we bring an innovation. Some of you living in New York may now [indiscernible] to target different type of consumers, more women, New York, then we bring energy on the in-line product with some Energypack. We move to, let's say, a different model iteration with [indiscernible]. In between, we do another collaboration with London communities, [indiscernible], and we move on and move on. For sure, it's not all the color of the XT-WHISPER. We have many other colors in between, to target men and women, different communities and so on and so forth. So basically, we have a large project, but also we have collaboration, limited edition to bring energy, to bring an awareness and to reach different communities. And sometimes, such as the last piece, carpet company, partner with local retailers or local brands, we do a special makeup to target a specific community, which will have a clear influence in the sneaker world. 1.5 years to build the exterior. Once again, it's just the beginning. If you look at the quiver of Sportstyle, from where we started with is -- the only issue that we have in the quiver, where we are going. You may recognize XT-WHISPER. We also have another franchise, [indiscernible] and the new one, the next 1 will be the SCS franchise. Will start this year to animate franchise. All this is above 1 million pair. But I will not also close all the new franchise that we are cooking for '28, '29 and '30. Today, we have a strong pipeline. We have a master plan of all franchise that will bring until 2030. And I was very incurred you will see in the showroom few of them how we continue to grow. We'll continue to curate the franchise, having a clear merchandising and franchise management, also bringing Nunes collaboration and capsule. -- discipline on the franchise energy. And you will see later this with regions. We are also making sure that we are curated as a go-to market to be very sharp on the growth and to have a sustainable growth. Last, apparel accessories, bags and iteration. Apparel and accessories, 13% Soft good sales today and bag generation, 7% sales mix, also good. Those 2 categories, you understand is the introduction to expand our to offer, how to expand the silhouette of the footwear and it is the next building block for Salomon. Let's start by apparel. [indiscernible] of footwear silhouettes -- we bring additional piece, and the strategy on apparel will be to have an offer from top performance to a more lifestyle usage. This will couple next year. So big building block coming next with apparel. And bags, you will see later I have a specific slide, we'll need to reinforce our leadership. And you will see a very interesting story that we have on bags. This is a sneak peek of our [indiscernible] across all the sports Yes, it's not exhaustive. From sports side to outdoor to the running which in running, we have different sports, gravel, rail and road and also, like you have seen with Xavier supporting the winter sports equipment. If we move to bags, you will look at me and say, but Christopher for you are speaking in bags. We are investor days in Annecy, this is bags. What you see here, from 2010 to 2026, you have 1 word, which is coming back every time when we speak about bag is skin. Internally, we call that the second skin. From 2010 to '26, Salomon bring innovation, material, problem solving, reaching different consumers men, women for different problem solving. All the competitors today are following us and sometimes, unfortunately, copy us. This technology starts with a problem solving. We are back to innovation, 1 athlete, 1 day, came in and see here and say, I want to start this race, but I don't want to carry my hand, my jacket, my fuel and so on, what we can do. I think we can do some pocket on my T-shirt and I can carry my stuff on my T-shirt. We started to enhance a T-shirt to carry all the mandatory stuff from there, all our engineers, all our product geek were starting to say, but we have a problem to solve. Let's do a second skin. Let's do a bag that will feel like a second skin. And this is a success story. The success stories is this number. If you go to UTMB, Ultra Trail Demantra. It's the biggest sales happening end of August in [indiscernible] 1 hour of the way. It's kind of the fashion week of trail running, 60% % of the runner, 60% of the runner are wearing Salman bag. It's what we call leadership. We got 4 global awards for the advanced skins for the second skins. I will continue to grow, bring technology, I think, as an example, it management is 1 of the problem to solve with the weather increasing the climate and so on, how we bring technology evolutions and also how we can accelerate in apparel with focusing in performance, but not only are we gain buying performance to a lifestyle. To recap, for soft goods. We have a CAGR of 26% between '21 and '26. If you look ahead, we will be mid- to teens. Soft goods, footwear 80% today, looking at the future [indiscernible] and apparel accessories, the next building block, 20% today to low 20s. To wrap up, we have this premium growth engine in soft goods, encoring performance, expanding across categories enriching a new consumer. You know now the innovation DNA and the pattern of innovation. You know the product strategy and how we continue to build the mountains sports culture from the mountain to the city. We are the brand that continue to diversify and accelerate the soft goods and in urban government. Salomon is a game changer to win towards the consumer. And I will finish by some things, why I put the red color today? Some of you, if you look at your shoe, you have what we call the red flag, blue, red and yellow. Each color has a meaning. I will only tell 1 on stage and we can discuss for other 2. Red mean hard work, mean brand energy and brand ambition. And for this, I will lead [indiscernible] to speak about this brand energy and brand ambition. Thank you very much.

Good morning. My name is Valerie Low and Salomon's, SVP of Brand and Marketing. I joined Salmon a few months ago at our career across mostly legacy luxury brands, the last of which Moncler. I joined Salomon because it's a brand with unmatched heritage, credibility in sport and which is enjoying the momentum in culture that a lot of brands would dream of. I saw a brand with huge equity and relatively low awareness and a tremendous potential for growth, which is why I'm so happy to be here this morning. This morning, I'll walk you through our marketing strategy and how we aim at further developing the brand equity and amplifying the amazing product portfolio you just discovered. With Christophe and Xavier's presentation before. We have defined 5 pillars to help us reach our strategic objectives. The first 1 is epicenters that you've already heard this morning, the second impactful campaigns, the third, strategic collaborations and partnerships; fourth, community globally and locally. And fifth, unique consumer journey and excellence at retail. By the end of this presentation, I hope to demonstrate that this approach works. Let's start with our first pillar, epicenters, a word you're probably getting familiar with by now. Our development strategy aims at efficiency. We don't want to spread everywhere. We have defined 7 global epicenters where we focus our means and efforts. They are the cities that define global culture, whether we talk about fashion, lifestyle or sport. And when we win there, it gives us outsized brand halo. That's why we focus our investments in those cities. For example, overinvesting in London, plus 90% versus the rest of the U.K. and the same goes for Paris and for a lot of the other epicenters. And this works. Concentration and overinvestment in epicenters is paying off. And you can see that we are making great strides in terms of increasing brand awareness year-on-year. Each region sits at a different maturity level. And this shows also in where they stood and where they stand today in terms of awareness. In [indiscernible], which is our heritage region, Paris leads the way with already 50% brand awareness. In the U.S., New York City, only 2 years ago, stood below 10% awareness. It was our smallest awareness base. But in 2 years, we have already doubled the awareness level. and it's continuing to accelerate. Same is true for APAC and Greater China, where we have considerably increased our presence over the past 5 years. And now we have Tokyo and Shanghai, both standing at 20% brand awareness. We are making progress. We have considerably increased our awareness levels. But as you can see with the numbers on screen, we still have big opportunities ahead. Equity and awareness at a broader scale, are key transformation drivers that will enable us to reach our growth targets. To achieve this, we are evolving how we invest. -- investing more, but also investing better. In the last 2 years, not only have we doubled the investment in marketing, but we are also shifting the way we invest, focusing more on awareness building and long-term brand demand construction and depending much less on paid search and short-term decision phase tactics. And this works. Our strategic and intentional concentration on epicenters is efficient in terms of building awareness but it's most importantly, efficient among the consumer targets we are aiming to conquer. As we grow awareness, we reach new audiences, and we aim at concurring younger and more gender-balanced audiences. And over the past 2 years, we see that this is working. We have made significant shifts in our consumer base. And looking at D2C, we see that over the past 2 years, we went from 35% of our D2C clients below 35 years old, to around 60% of clients below 35 years old today. And the same goes for women. We went from around 35% of women in our D2C base to around 45%, a plus 10 percentage points over the course of 2 years. Now on to our second pillar, campaigns. What's the high-impact campaign. We create integrated global campaigns that combine and concentrate product marketing and commercial priorities behind a single idea and a unified 360 plan. It is orchestrated. So the brand showed up as 1 big coordinated story. You'll see how this comes to life this afternoon in the regional presentations, but this works. A perfect example is the gravel campaign, which we ran in spring/summer. And you can see on the screen, which was deployed as a fully coordinated offense across different touch points, whether that's firm out of home to store windows, or community events. This campaign achieved excellent results with a brand lift in the U.S. of plus 15% and a search lift of plus 15% as well in France, for example. Another good example in Sportstyle this time is the WHISPER, XT-WHISPER launch, which also took place in spring/summer and again, was a fully coordinated offense with PR, media, in-store events, all coordinated, making it a very efficient campaign. XT-Whisper campaign generated a plus 15% brand lift in the U.S. and a plus 51% search lift in the U.S. as well, a very impactful campaign. On to our third pillar, strategic partnerships -- and these span across brand and batters, athletes, product collaborations or events. Starting with brand ambassadors. Maybe you're familiar with the face on the screen now. Brand ambassadors amplify the brand heat and help us reach a broad audience. This year we are proud to announce Jisoo as our first global brand ambassador. With a young and loyal fan base and over 90 million followers on Instagram and TikTok alone, Jisoo elevates our Sportstyle presence and will be the phase of an upcoming campaign this October. But we don't stop at global mega Stars. We also collaborate regional superstars like, for example, the Colombian Star Feid in North and Latin America. Feid, who has over 35 million monthly listeners on Spotify started off as the fan of the brand only to become an ambassador in 2024. He brings his own DNA to the collaboration, building a collection that looks like he could be wearing it. And the current X-T4 collaboration, which is in-store now, sold out actually from the presell phase already in the U.S., completely sold out. Product collaborations don't stop at Sportstyle [This call length has exceeded streaming capabilities - Please refer to the preliminary transcript that will be posted shortly.]

[Foreign Language]. But don't worry, all the numbers that I will show is green. My name is [ Christophe Cavazzana ]. I have been born in the world of sports, especially cycling. What's [indiscernible] in the world of cycling is to push the boundary of myself, but mainly to create adventure. Adventure To explore new terrains. With Salomon, there is one of the beautiful adventure I had a chance to be part of: The [indiscernible] adventure. I [indiscernible] in 2015. And with a collective, it has been an amazing journey, an amazing journey to bring the mountain sport culture from the mountains to the city. And I think we can be very proud of that. But guess what? It's just the beginning. Today, I'm Vice President of Product and Experience, leading all the product offers in the [indiscernible] area. Today, I have two missions: one, make it clear our pattern of innovation and the second one, clarify our product strategy. Let's start by this one. Guillaume already shared with you the [indiscernible] DNA, innovation, product excellence. But what do you see on the screen. Some of you will see just a show. Some of you will see the show that you are wearing, the excess. But what I see is a technology, [indiscernible] for foothold, chassis for support, contact for the grid, quick place. All this is function, is innovation, to solve a problem, to sell a product [indiscernible] or communities. And many years later, those functions meet the styles. And you guess what, we created the outdoor sneakers, but we'll come back to this, because [indiscernible] in the room. Innovation, how we approach innovation? 3 pillars, pretty simple. The third one, for those guys who are here, [indiscernible], you will discover SLAB. SLAB stands for Solomon Laboratory. It's our public laboratory to [indiscernible] to push the boundary of engineer, to push them [indiscernible] design and see what we build as a pinnacle. This is our pinacle line. The second one, we are very lucky to have more than 60 athletes across [indiscernible], road running, [indiscernible] assets. By adding those athletes, we are able to prove those innovation START across different caring, different cultures, on the mountain, other street and so on and so forth. By doing that, we have feedback that we inject in the product of our creation. You will tell me stuff is good to have innovation, but it's better to scale innovation. That's the third pillar. Every innovation that is at in SLAB, we try to inject that in our core offer for a wider base of consumer. This is a pattern of innovation at Solomon. Product is one thing. Product is 1 piece of the ecosystem. Guillaume already shared with you that we have what we call a creative direction if we want to make impact, we need to build consistency and coherence between the product, the bunny and the consumer. Okay, for innovation, okay, for the consistency, but we are missing one piece. Consumer, we need to connect to the consumer. You will see in my presentation that I have salons to speak about, I forget to speak about consumer because for the team here in [indiscernible] it's a no-brainer. It's part of our day life. So bear in mind that every piece of product there is a promise. There is a consumer or whatever is the top at it or a wider consumer. Consumer and also from Mountain the city. So it's a strategic choice that we bridge this mandators culture for the mountain to the city. By doing that, we address a wider base of consumer, so a wider base since price. Okay. Now it's time to completely enter into products, and it's what I like, so let's go. This is our portfolio, the softgoods category portfolio. Each of the segment has a clear role, a clear mandate in our portfolio. From the left to the right, from the left, which is our more comfort on our [indiscernible] authority in outdoor to, you have seen [indiscernible] bags where we have more market share to gain on the right. I will start with outdoor. So by the way, [indiscernible] more 80%, 85% of softwood revenue. So [indiscernible] is our priority. 85% of our [indiscernible] is Footwear. Let's move to outdoor first, 15% in [indiscernible] of our sales mix. But I will start by the end, not the beginning. I think today, if you go on the mountains, you know this so modern outdoor through, light, breathable perfect for going in the mountains, very comfort country. But where we come from, where we come from 35 years ago in outdoor. We come from this -- we come from another adventure. The name of the shoe is Adventure 7 in 1992, first hiking boots. But I think if you look at the far left, you recognize some things. In 1980, we had a Nordic ski boots with all innovation as well, all innovation propriety of Solomon. And from this, we created the first hiking boot. And from this, we went further to create with new innovation, new technology, the modern outdoor so. So 35 years of authority in outdoor, 35 years of innovation, bring us to here. Today, it's what we call undisputed authority, top 3 leader player in hating footwear in Europe, key markets, Germany, France, but as well above 15% market share in Alpine countries. This is really what we call authority. If we move to the product, this is our franchise portfolio. You will tell me that it's not a lot. Yes, it's not a lot by choice. 3 key franchise, X-Series, Quest and [indiscernible]. Simple, better, bigger. This is a choice, and I will repeat that in different segments, simple, better, bigger, 3 franchise with different proposition accounts for 80% of the labor revenue in '26. And if you don't know, we got 7 awards from U.S., Europe or China, so was from consumer or at from major and so on and so forth. This is a recipe. So it's a piece to build and scale a franchise. Let's take the example of the X Series, how we target different type of consumers, how we target different type of genders by playing with different figures. The first one, top left [indiscernible]. By paying the colorway, you can alienate audience, material, [indiscernible] and also different ankle cuts, part of this model group, [indiscernible]. It's allowed to maximize and to reach a maximum consumer needs. This is what we do in outdoor. If you look forward, we'll apply this [indiscernible]. We reinforced our leadership in odor by outpacing the market of our door with single-digit growth rate. By expanding the existing contents, like I shared with the CMS color material finishing and also by launching new franchises. Every 2, 3 years, we've come [indiscernible] with a new proposition, new franchise we put in the market new innovation, and we apply this CCP color material finishing -- let's remove are we staying the maintains that we run. This is our biggest market, an opportunity we have in performance, 20% nowadays for the running performance. This is a picture, and this is what we call internally run in all print Salomon, covering [indiscernible], our comfort zone where we come from, but the size of the price of the market to 5 billion, quite small. But if you look at the right, where the biggest opportunities [indiscernible] and the total market, [indiscernible] EUR 45 billion [indiscernible]. We have one travel in the middle, biggest untapped terrain in the railing world, and this is where salmon started to enter a few years ago, a few seasons ago and is our current big bet. But we will take one by one and we will dig one by one. One important piece back in the time. It was very siloed. One consumer was only [indiscernible]. The Roadrunner we are doing only in Nowadays, what we see and what we see the trend is that if you are running Basically, you run on the treat, you can run and gravel and you can run and trail. There is no any more silo, which is important for salon because we have the equipment were less those needs. Let's start by the trail. I think you can picture the trails. This is a trial, maintain technical trail, beautiful landscape and sometimes very tough condition. Trail, you understand from Guillaume, it's where Salomon were even before we speak about sports, even before a lot of competitor enter. It's where we were part of the first mover. It's where we bring innovation is where we share the silhouette of the [indiscernible] it's where we ship the sports and the races. And nowadays, that trade is becoming a global phenomena. We are one of the established leaders. If we look at product, back in the times, we had one product from the headwind specialty for the head adventure laces where you do multiple spots accessories twins. Nowadays, we have a range, a quiver of technical products for slab is top of the product to a wider range but a different need, we have this lever of product. And like I said, behind each show, there is the story, there is innovation. The need there is a problem to solve. And I encourage you to go in the showroom to touch a product, to feel the product and try to see that. This is a [indiscernible]. As a result, to that highly 10% of the global market share in '26. Same for outdoors. We won global awards from magazine media based on consumer feedback. So we continue to run, but we are going a bit down on the mountain to do gradually. As I think some of you are coming from the U.S. and in U.S. [indiscernible] are a bit everywhere. It's a no-brainer. This is gravel, where you can escape from the city, play with the terrain, be comfortable in the street, but also be comfortable on the light trial gravel road. This is our recent success and our next big bet. We see a space like Cerroni, and we enter in this space. Today, we are shaping the space, and we want to own this space and to really this space like rerunning, and it's where we can express all the technology that we bring at salmon either [indiscernible]. If you take the outside of our show, basically, this is our product, you can recognize a very ratio you can recognize a clear road show. But if you put and merge the best of the 2 worlds, you are in the middle travel. End of grid, comforts and peso to play with the terrain, wherever you are. It is my go-to show when I [indiscernible] I know that I can run in concrete I can know I can go on a trail without compromising things and so on. It's really the go-to shoe and as the feedback we have the consumer wherever they are in LA, in Paris or in Asia. And working, and we were right to take this space. This is a figure 3x growth in '25, 15% in two of the sales. And in U.S., 3 awards with the glide gravel in '25. Best [indiscernible], and so on and so forth. Now we went to the mountain, we went to the gavel. It's time to go on the road and we are here to speak about innovation, look at the show, the 103 or the 4,000 that I'm running, which is made in France. Why the current wall champion of iron man, Catterson, choose Salomon and choose [indiscernible], the first January of '26, why, amongst competitors because it brings all technology, all marginal games to in second during this moment. And you can understand that after streaming biking 100K and you need to run a 420 marathon, you need to have the shoe that helps you to perform and to win second and good margin gain. This is where we are in [indiscernible]. But I speak a lot about top at but we bring innovation as well for a wider base for every consumer where we are bringing this technology to make win every second for every consumer. At Salomon, we have the positioning called Dynamic for any comfort, it's cautioning for your long run. It's also dynamic and comfort for your ultra marathon. [indiscernible] it's okay. And we extend that across the range. This is one portfolio of products 1 top to more increase or hold from top to training and in between the gravel, the go to show. If you look at this picture, for sure, we have many, many [indiscernible]. But if you look at this picture, you have all the products that you need to do a marathon, a ultra or just a simple jog in Central Park. With [indiscernible] now we have this portfolio. And we have this versatility of so and to provide to reach a new consumer. How we continue growing running us [indiscernible], it's our big bets. It's a space. We have to space, we need to own this space. Second, continue to bring innovation, continue to bring key franchise animate franchise. As an example, I spoke about [indiscernible], 100,000 pairs 3 years ago. almost 1 million par next year. In 3 years, you can see the progress and also the success that we have. You can imagine as well, and you'll see that later with [indiscernible] but by partnering with athletes or events, it will help to bring this awareness to a broader consumer. Let's stop money. We move to Story. Softstyle the most recent and biggest growth driver. And I guess this is where you have the most question. Sports a category that has grown from a double-digit million business in '21 to almost EUR 1 billion. I remember with the team to celebrate our first EUR 50 million business. And for us, it was amazing. If you look at today, it's far ago, but it's not so far ago, on a few years ago. invented in performance reinvented in the city, invented in the toughest ran on the mountain, the ectasis here winery at list has been invented to perform in a 100-mile on mobile. 10 years later, reinvented city. It's an iconic product of what we call now the outdoor maker. And like I said at the beginning, is bring all the technology, the sense, the Chelsea, the contrary, the quick pace even what we call order fit to make sure that the rock are not going inside all these big now comfort in a different usage, reinvented for urban inverted for diverse communities, and the adoption has been organically. We didn't come here and push it the community, the [indiscernible] adopted first. And later today, I will share with you the first show because it's not the exact first of total. You will see. I'll keep [indiscernible] for later. But [indiscernible] is just the icon in a few years, it has been a success story, but it's just the beginning. We didn't even put marketing budget behind at the beginning. So initially, I wanted to share with you all the opinion leaders, all the staff, all the VIP that are wearing Salamon or Formula 1, top model, but for usage rights, I was not able to do that. But here, it's a perfect example of the communities, wearing salmon, understanding the GNL settlement, understanding the mountain sports culture salmon and playing with that. There [indiscernible] the growth, portal sales between 21% and 26%. And the most interesting part with post. It's a huge catalyst to target new consumer Today, 80% of consumer Santal are new to salmon. You will see the details this value later on the age and everything. But for us, it's amazing we target 8 new consumers that we can also transform into the world of performance, whatever outdoor, running and so on and so forth. Stores grew an over 90% CAGR over the last 5 years. Now it's becoming our largest footwear category. Let's talk about the big electrons in the room, the expenses. I keep hearing the question every time I go but you are dependent on the expenses, you have about your [indiscernible]. Today, for sure, we are very young in the world of sneaker. We are new. So that's why the basis is a more visible show today, and it's only for us since 3 to 4 years that we are putting investment behind the [indiscernible], 100% CAGR between [indiscernible] and the most interesting piece is only 15% of the [indiscernible]. And we have other babies, such as [indiscernible] some a bigger success story than in [indiscernible], and you will see why. 15% of [indiscernible], and I posted that some of you are wearing Whisper. In 1.5 years, we moved from 0 percentage of sales to 170% sales growth. We moved to 0 pair to almost 1 million pairs in a year and half. How we did that? This is our SAP. For sure, I will not disclose all the CP. It's like my grandmother when she was looking. I keep some secrets. But basically, in a year is a principle. We have in-range launches. So we start by a very weird color, December '24. Then we bring on innovation. Some of you living in New York may know San Dillon to target different type of consumers, Moran, New York, then we bring energy on the in-line products with some energy pack. We move to, let's say, a different model iteration with steroid. In between, we do another collaboration with London communities, Amer and [indiscernible]. For sure, it's not all the color of the strip. We have many other colors in between to target men and women, different communities and so on and so forth. So basically, we have in large projects, but also we have collaboration limited edition to bring energy to bring an awareness and to read different communities. And sometimes, such as the last piece Carapa, we partner with a local retailer or local brands to do a spot special makeup to target a specific committee, which will have a clear influence in the sneaker world. 15 years to build the exterior. Once again, it's just the beginning. If you look at the reversal from where we started with the cases, the only issue that we have in the [indiscernible] where we are going? You may recognize the tier. We also have another franchise request and the new one, the next one will be the SCS franchise. We'll start this year to [indiscernible]. All this is above 1 million pair. But I will not also disclose all the new franchise that we are booking for 28, 29 and 30. Today, we have a strong pipeline, and we have a master plan of all franchise that we bring until 2030 and I was very [indiscernible]. So, how we continue to grow? We'll continue to [indiscernible] the franchise, having a clear merchandising and franchise management and also bringing [indiscernible] collaboration and [indiscernible]. Discipline on the franchise energy. And you will see later this afternoon in the regions. We are also making sure that we are curated as a go-to market to be very sharp on the growth and to have a sustainable growth. Last, apparel, accessories back and ration. [indiscernible] sales mix today and by generation, 7% sales mix of [indiscernible]. Those two categories, you understand in the introduction, are here to expand our right to do so, how to expand the [indiscernible] of the footwear [indiscernible] the next building block for Salomon. Let's start by Apparel, [indiscernible] of footwear [indiscernible]. We bring additional piece and the strategy on Apparel will be to have an offer from top performance to a more lifestyle usage. This will come in a couple next year. So big building block coming next with [indiscernible]. And by, you will see later, I have a specific slide we'll need to reinforce our leadership, and you will see a very interesting story that we have on Bags. This is a sneak peek of our [indiscernible] across all the stores. Yes, it's not exhaustive. From sports side to [indiscernible] to the running which in running, we have different sports, travel, rail and road and also like you have seen with [indiscernible] supporting the Winter Sports Equipment. If we move to Bags, you will look at me and say, but Christophe, why you are speaking in bags? We are investor [indiscernible]. What you see here, from 2010 to 2026, you have one word, which is coming back every time when we speak about bank is keen. Internally, we call that the second scheme. From 2010 to '26, Salomon bring innovation, material, problem solving, reaching different consumers men, women for different problem solving. All the competitors today are following us, and sometimes, unfortunately, copy us. This technology starts with a problem solving. We are back to innovation, [indiscernible] day, came in and see here and say I want to start this rate, but I don't want to carry my hand, my jacket, my fuel and so on, what we can do. I think we can do some okay from makeshift, and I can carry my stuff on my short we started to enhance [indiscernible] to carry all the mandatory stuff from there, all our engineers, all are product geek, we are starting to say that we have a painter. Let's do a second scheme. Let's do a bag that will feel like a second skin. And this is a success story. The success stories is this number. If you go to UTMB, Ultra demand. It's the biggest sales happening end of August in Shamoli, 1 hour of the way. It's kind of the fashion rack of sell running of the runners, 60% of the owner are wearing Salmon bag. It's what we call leadership. We got 4 global awards for the advanced schemes for the second scheme, how will continue to grow, bring technology I think, as an example, if management is 1 of the problem to solve with the weather increasing the clinic and so on, how we bring technology evolution and also how we can accelerate in a pile with focusing in performance, but not only how we can make performance to a lifestyle [indiscernible]. We have a CAGR of 26% between 21% and 26%. If you look ahead, we will be mid to teens. Soft goods, footwear 80% today, looking at the future of mid-to and Natal accessories, the next building block 20% [indiscernible]. To Wrap up. We have this premium growth engine in -- so goods, encoring performance, expanding across categories enriching a new consumer. You know now the innovation DNA and the pattern of innovation. You know the product strategy and how we continue to build the mountain sports culture from the mountain to the city. We are the brands that continue to diversify and accelerate the soft goods and in urban government. Salomon is a game changer to win towards the consumer. And I will finish by something. - Why I put the right color today. Some of you, if you look at your shoe, you have what we call the rest flag, blue, red and yellow. Each color as a meaning I will only tell one on stage and we can discuss for those 2. The red mean hard work, mean brand energy and brand ambition. And for this, I will leave [indiscernible] to speak about this brand energy and brand mission. Thank you very much.

SP999 Good morning. My name is [indiscernible] and Salomon's SVP of Brands and Marketing. I joined Salomon a few months ago after a career across mostly legacy luxury brands, the last of which once I joined Salomon, because it is a brand with unmatched heritage, credibility in sport and which is enjoying the momentum in culture that a lot of brands would dream off. I saw a brand with huge equity and relatively low awareness and a tremendous potential for growth, which is why I'm so happy to be here this morning. This morning, I'll walk you through our marketing strategy and how we aim at further developing the brand equity and amplifying the amazing product portfolio you just discovered with Christophe and [indiscernible] presentation before. We have defined 5 pillars to help us reach our strategic objectives. The first one, [indiscernible] award that you've already heard this morning, the second impactful campaigns, the third, strategic collaborations and partnerships; fourth, community, globally and locally. And fifth, unique consumer journey and excellence at retail. By the end of this presentation, I hope to demonstrate that this approach works. Let's start with our first pillar, epicenters, a word you're probably getting familiar with by now. Our development strategy aims at efficiency. We don't want to spread everywhere. We have defined 7 global epicenters where we focus our means and efforts. They are the cities that mine global culture, whether we talk about fashion, lifestyle or sports. And when we win there, it gives us outsized brand halo. That's why we focus our investments in those cities. For example, over investing in London, plus 90% versus the rest of the U.K. and the same goes for Paris and for a lot of the other epicenters. And this works. The concentration in our investment in epicenters is paying off, and you can see that we are making great strides in terms of increasing brand awareness year-on-year. Each region sits at a different maturity level. And this shows also in where they stood and where they stand today in terms of awareness. In EMEA, which is our heritage region, Paris leads the way. with already 50% brand awareness. In the U.S., New York City, only 2 years ago, stood below 10% awareness. It was our smallest awareness base. But in the course of 2 years, we have already doubled the awareness level and it's continuing to accelerate. The same is true for APAC and Greater China, where we have considerably increased our presence over the past 5 years. And now we have Tokyo and Shanghai, both standing at 20% brand awareness. We are making progress we have considerably increased our rent levels. But as you can see with the numbers on the screen, we still have big opportunities ahead. equity and awareness at a broader scale, our key transformation drivers that will enable us to reach our growth targets. To achieve this, we are evolving how we invest. Investing more, but also investing better. In the last 2 years, not only have we doubled the investment in marketing, but we are also shifting the way we invest. Focusing more on awareness building and long-term brand demand construction and depending much less on pay search and short-term decision phase tactics. And this works. Our strategic and intentional concentration on epicenters is efficient in terms of building awareness but it's most importantly efficient among the consumer targets we are aiming to conquer. As we grow awareness, we reach new audiences, and we aim at concurring younger and more gender-balanced audiences. And over the past 2 years, we see that this is working. We have made significant shifts in our consumer base. And looking at D2C, we see that over the past 2 years, we went from 35% of our D2C clients below 35 years old, to around 60% of clients below 35 years old today. And the same goes for women. We went from around 35% of women in our D2C base to around 45%, a plus 10 percentage points over the course of 2 years. Now on to our second pillar, campaigns. What's the high-impact campaign. We create integrated global campaigns that combine and concentrate products marketing and commercial priorities behind a single idea and a unified 350 plan. It is orchestrated, so the brand shows up as one big coordinated story. You'll see how this comes to life this afternoon in the regional presentation. But this works. A perfect example is the gravel campaign, which we ran in spring/summer. And you can see on the screen, which was deployed as a fully coordinated offense across different touch points, whether that's firm out of home to saw windows, or community events. This campaign achieved excellent results with a brand lift in the U.S. of plus 15% and a search lift of plus 15% as well in France, for example. Another good example in Sports style this time is the Whisper X Whisper launch, which also took place in spring/summer and again, was a fully coordinated offense with PR, media, in-store events, all coordinated, making it a very efficient campaign. XT Whisper campaign generated a plus 15% brand lift in the U.S. and a plus 51% search lift in the U.S. as well, a very impactful campaign. On to our third pillar, strategic partnerships, and these span across brand ambassadors, athletes, product collaborations or events. Starting with brand ambassadors. Maybe you're familiar with the phase on the screen now. Brand ambassadors amplify the brand heat and help us reach a broad audience. This year, we are proud to announce GS as our first global brand ambassador with a young and loyal fan base and over 90 million followers on Instagram and TikTok alone, GSU elevates our sport-style presence and will be the face of an upcoming campaign this October. But we don't stop at global mega stars. We also collaborate with regional superstars like, for example, the Colombian Star phase in North and Latin America. Say, who has over 35 million monthly listeners on Spotify started off as the fan of the brand. only to become an ambassador in 2024. He brings his own DNA to the collaboration, building a collection that looks like he could be wearing it and the current collaboration, which is in store now. Sold out actually from the presale phase already in the U.S., completely sold out. Product collaborations don't stop at sports style. They also can be expressed in the performance side of the brand. The down to desk collection is a good example. It was designed and tested with trail running legend Courtney Daulwalter. Who doesn't love Courtney? Courtney is one of the most outstanding athletes in trail running. Her capsule is inspired by her 2023 season, during which she won the 3 most iconic races of trail, Hardrock, Western States and UTMB, and she's the first athlete However, male or female to achieve this. She approved every product in the collection, which was built with comfort over long distance in mind. Courtney is part of the Salomon athletes roster. You've already heard from Christophe how we collaborate with a lot of athletes and from Xavier as well. Staying true to our performance D&A, we proudly sponsor over 200 professional athletes across all our key performance categories from Alpine ski raters to snow borders, to [indiscernible] Olympic champions all the way to ultra trail runners and parties. As part of our commitment to performance and to sports, we also sponsored a number of races and events in sports. Besides the Milano Cortina Olympic Games partnership, [indiscernible] talked about. We also have the Golden Trail World Series, which was created by Salomon in 2018, on which has since grown to become the leading short-distance trail running series globally. Most recently, it was already mentioned, we have just announced we become a global partner for Iman starting in 2027. I strengthening our connection to running across Triathlon and over 150 races from next year. Let's see how it is going to play out. [Presentation]

Partnership [indiscernible] culture. And since 2026, we are salmon, the proud partner of the Paris Opera Ballet, the Opera National de Paris equipment partner. The ballet's 154 dancers benefit from equipment that was designed to support every stage of their training from warmup to recovery or travel. Beyond equipment, this partnership brings together 2 institutions that share a common value of discipline, dedication and daily practice. We are extremely proud of this partnership. On to our fourth pillar, which is the animation of our communities through experiences and events that deepen the emotional connection and with our sports and culture communities. Local events, first, allow us to connect with local communities in a tailored way. When it comes to sports style, those events can take the shape of an in-store activation, organized with our S+ loyalty program members, for example, or they can come as a stand-alone event with local sales makers which is the case with the launch of the Whisper voice, you can see on the screen, which was held with an event in L.A., our epicenter in L.A. with [indiscernible], who is an artist locally in L.A. and the event was held to celebrate self-expression to art with the objective of creating both around the brand on the local community. When it comes to performance community events, Salmon truly has grassroots legitimacy. All regions engage actively with their respective sports communities, whether they are run clubs or gravel tours. Salomon is, for example, the third community globally on travel with over 100,000 members. We also activate our communities at a broader level through initiatives like Gravalanza, for example, a week and long festival like event, combining gravel running, of course, product testing and live music concerts. The first [indiscernible] took place in Paris in June, gathering over 3,000 participants, 40% of which were women with an average age of 34 years old. This was a success achieving also outstanding feedback from all the participants. We're going to hold the second pilot in Los Angeles this October. Finally, our fifth pillar is on retail experience. We engineer an elevated, cohesive and distinctive salmon brand experience for our consumers, whichever channel they choose to interact with us. First, our retail stores. They are designed to offer the best expression of the brand. From design concept, to sensory experience to the training of our store teams, every element is built to immerse the consumer in the Salomon universe. Salomon stores are a central element of the consumer journey as our retail footing footprint grows. We've heard from Guillame this morning, how those stores are becoming more and more important. And we have, for example, opened over 100 owned stores in 2025. We're not forgetting our online flagship with our dot-com open 24/7, of course. With our selected multi-brand partners, we also deploy premium installations that capture brand DNA, be it on a single footwear wall or through full shop-in-shop installations. Our goal here is consistency, providing an experience that captures the essence of our brand and allows us to win at the point of sale. I'm now coming to the end of my presentation. We are expanding beyond the ramps of our core segments into broader markets, but without compromising or losing what made the brand authentic and credible in the first place. Everything we went through is part of a coordinated strategy to achieve this goal. In my introduction, I said when I joined Salomon, I had the intuition that this brand has great potential for growth. Now after 7 months, I am certain and I hope I was able to convey a bit of that certainty over to you. I thank you for your attention, and I will leave you with an illustration to a short video of what it means for Salomon to be the mountain -- the Modern Mountain Sports culture brand. [Presentation]

We're running about 15, 20 minutes ahead. We're going to start lunch a little bit early for people on the webcast, we're going to take about 2.5 hours for lunch in the in-person product tours. So that means we're going to resume the presentations from management at 2:15 p.m. Central European time. Which is 8:15 a.m. in New York or 8:15 p.m. in Shanghai. So again, for people online, we're going to resume the afternoon management presentation at 2:15 p.m. Central European time. For everybody here in the room, we're going to adjourn to lunch, start lunch a little bit early, take an hour for that, and then we're going to spend about 1.5 hours of the product tours. You each got a name tag today. There should be a number on your name tag. There's 4 groups for the 4 product stations and then we're just going to rotate between and there'll be signs and people to help you find your starting patient based on your group number. Okay. See at lunch. Thanks, everybody, for a great morning. [Break]

Okay. Thanks, everyone. Thanks, everybody in person. Welcome back to the afternoon session. Thanks, everybody online on webcast. We're starting the afternoon session, which will be focused on the regions as well as the financial presentations and finish with Q&A. Our first speaker is [indiscernible] who leads our EMEA business.

Good afternoon, everyone. Welcome back to the after session. My name is [indiscernible] I lead the region EMEA for salmon. I joined Salomon 30 years ago for 6 months internship only not like [indiscernible]. Interestingly enough, I was focusing on product diversification and the strategic team. And I was actually working on running probably 8, 10 years before we even launched our first reline we tell you a lot about Salomon has been obsessed with products since day 1. Eventually, I started a real job in the MGC in sales and marketing. But I spent most of my journey at Nike across different functions, different roles, different countries. And I went back to Salomon 32 years ago, in my current role. And you guess you will find out why I came back to Salomon in the last 15 minutes or so. So E&A, as you know, stands for Europe Middle East and Africa. But today, for the sake of the presentation, I will focus on Europe only, which represents the vast majority of the business and where we will find most of the growth in Europe is the best place of the brand. This is where most of the iconic products that you saw this morning and during the launch time, we have developed launch even in this building even. And the region where we are. Europe is also a very unique maintained sport [indiscernible], culture-defining global epicenters, sportive and affluent consumer base. In Europe, the salmon retail is super strong, and our consumer is very loyal to the brand, making it super critical for us to keep this authentic positioning. So therefore, in Europe, the first question we have to ask ourselves is or do you protect the core while entering into new spaces, right? So seeing authentic for us means protecting the communities that [indiscernible] very unique, the peers, the maintainers the trailers, the our core. Opening new spaces mean new cities, new consumers, new moments, new partners without diluting what makes us very, very unique. So over the years, we started to make some bets, make some choices where to bring us where we stand today, and we start to see some significant shifts in the region. From the winter sport and although only brands, we are now broader performance brands. And really recently, we have added sports sale into the category portfolio. Sports side is 30% of our business. From a male predominant brand, we are now at [indiscernible], male and female 50-50, and we are engaging with a much more younger consumer audience. 60% are below 35 years old. Only 3 years ago, it was 45%, massive improvement. And then from a B2B-driven business, we are no way more balanced between B2B and B2C and its has been leading the growth. So [indiscernible] a quick sale of play. Over the last 5 years, we grew by 10 points, 10%. [indiscernible] pay the market to make it simple, we grew 2x faster than the market. We are still a little bit driven. We come from a long way, but D2C is already 25% of our business. And as you saw from the last slide, we are growing fastest. So now let me take you through the channel strategy, starting with B2B. It's before shifting to retail and e-com. We're starting to make some choices and focus on the retailers that are really following and supporting Australia. Starting from the core of brand builders, they are really anchored in the culture of sport, and they play a key role for us to engage with the poly community, right? So we started to invest with them through dedicated sales, dedicated marketing made meaningfully with our communities. We also present at the point of sale as a matter of fact over the last couple of years. We have built more than 200 footwear walls directly in the stores, facing the consumer to elevate the brand. accelerate international strategic partners. So think about the JD, the foot locker, the snips of the world, as we naturally external reach those partners play a very key role for us to talk to refinance, younger, more urban, often more feminine, right? We have been for the partnership with those guys. We are working hand in hand. They really see us as a strong partner for their growth. We have opened 300 doors over the last couple of years with them, always focusing on PGTs always on key locations. Last, we rationalized our other costs, meaning we rationalize account that don't play this central first in the marketplace. The choice we've made in B2B by picking the right partners are paying off to drive a category of sense and to have the quality growth. If you recall that the last year our growth is 10% with any of the partners you see here, we are growing well faster, and we see them as a reality growth driver for the next 5 years. Now shifting into D2C. Our different store types play a very distinct role in each neighborhood they are located. They are not just an additional retail footprint. They are really a manifestation of the brand. Starting from left to right, flagship store like the one we have in Charles de Lis. This is really the best expression of our brand, the pinnacle expression for any consumer. You can go to a brand store like the one in Covent Garden in London. This is our full price of good offering that we find in our regional key cities. Signature store, our sports style focused location that you will see in areas that drive culture. Typically, you will see a store like this in Paris, Le Marais in London, so again, global epicenters. And then factory outlets, which actually for us play a dual role, right? They allow us to get in contact with a new consumer that get access to the brand for the first time, and it's also helping us in terms of inventory liquidation. At the end of 2026, we will operate more than 50 stores, largely dominated by outlet stores. But by 2031, we should operate approximately 75 stores with 2/3 of the stores being full price. Here again, another big shift. In addition to our retail, our own website is a key driver of our D2C acceleration and consumer connection. In the last 5 years, e-com grew 2x faster than any other channel in our portfolio. And looking ahead, there's a lot of room to grow as we continue to bring high-quality traffic, elevate consumer experience, elevate the order value, bring new business models like connective inventory, and you can name a few more, right? We also continue to build on our membership program that we call S+. Only last year, we grew 40%. We now are at 2.5 million members only in Europe. As we discussed this morning with Valerie, we also made deliberate bets in key cities. And as you've learned, we started with Paris, our first epicenter that give us a blueprint for any other activation, any other epicenters globally, right? So here, the stores are more than any store, right? They become really the showcasing for our brands. We partner with our B2B store, elevator presentation, working on pop-up, working on POP permanently, right? We organized gravel races in the city to engage meaningfully with the communities, and we also partner with music festivals to engage with influencers that we couldn't have reached through the conventional channels. The progress we've made in Paris are really phenomenal. We reached 50% of awareness in 1 year. And in terms of revenue, we grew 2x faster than total fans. So while we're expanding Paris, we are also taking to the next wave of epicenters using this proven playbook and open up this strategy in London, Berlin, Munich, Milan or Barcelona. We actually started in Milan during the Milan Olympics with activations stores, and we saw our awareness rising dramatically. But our big focus in Europe is London. London is our second global epicenter is Paris, and this is where we invest the most. We talk about the marketing investment this morning with Valerie. But only in the last 18 months, we've opened 3 stores. And next spring, we're going to open a dedicated U.K. warehouse to serve our U.K. consumer even faster. Now enough of me. I think the images speak louder than any of my words. Let's see a nice video on what we have in activated in Paris over the last few months. [Presentation]

To wrap it up, our business grew 10% from '21 to '26. We expect low double-digit growth over the next 5 years. We will grow strategically in Sportstyle and running. Those are our 2 biggest growth drivers for the region, and we'll maintain leadership in outdoor and trail, again, to protect our core. Then from a channel standpoint, we will grow across all channels. But in B2B, we will focus on premium partners. In D2C, we will focus on full price stores and e-com. That was, in a nutshell, the Amer plan. Thanks for your attention. And let me introduce you to Jeffery Ma for China.

Thank you. Hello. I'm Jeffery Ma. I'm the President of Amer China. Noha is Shanghais. So whenever you go to Shanghai, it's highly welcome when you speak Noha to all the Shanghai. And also, this actual speaking is one of our last August, our culturally relevant activation happened in Shanghai. It's a keyword on the social media. Salomon entered China in 2008 and a new chapter really kicked off in 2019 since the change in ownership. And the retail and sports style have accelerated in the past years. Today, China -- Great China, including Mainland China and Hong Kong and Macau. Great China is Salomon's biggest and fastest-growing D2C market. Great China is attractive sportswear market with a very positive trend, one of the largest and most dynamic market with large and affluent population, high share of the premium-oriented consumer who really value European brands with authentic heritage and also rising participation in outdoor sports, particularly among the young consumer like the hiking, show running and running. Of course, this created a lot of opportunity for Salomon across both sports style and performance business. And this is proven in our results on the last years. We built a very extensive retail premium network. And so far, we have 330 stores end of this year. On the past 5 years, we opened 300 stores and significantly outpacing the market with triple-digit cargo growth. And also, we established Salomon as a premium challenger brand in Asia continent. We have grown strongly in our main categories. We're driven by the Sportstyle. On the past 5 years, 120% cargo growth and amplified by our performance, 70% last 5 years cargo growth. This has led to a significant momentum. Our business grew 30x. We started from less than USD 30 million till now it's high triple-digit million business. And also, of course, our growth has led by the retail. Our majority part is the retail, 85% our retail business. B2B business is very small. I can say it's tiny in China. And digital amplified by digital, 15%. And we have a very clear strategy from the start. We maintain the European heritage but tailor to our local Chinese consumer fit and preference. This is how we've grown and how we will continue to grow, very important to make successful in China. For the product side, we localize all our global products and across all categories tailoring to consumer fit and design preference. And we will accelerate apparel anchoring on performance DNA. For the channel part, we have very strong connection to how consumer shops and focusing on the premium location and also amplified by the digital platforms. For the marketing, just as I mentioned, the culturally relevant activation that we speak to the local consumer, and we're engaging local celebrities and athletes. And each time, we're connecting our activation strongly with our product and retail excellence. And our product strategy is key to success in China. And Chinese consumer, of course, that's different as common. We have the different fit and also design preference. So we will leverage our brand heritage and the product acknowledge adapting to these needs. So we have our China limited edition, all developed in [indiscernible] but tailored to our fit and design preference. That is very key for us. And I use one example here. It's like this is our Lunar year capsule beginning of this year, the year of the horse, the Whisper, we use the Whisper model, but redesigned to match the total package, use a different color and different upper. So in the future, we will continue to offer the mix of the global range and China limited edition. And also today, I wear one of the new XT-rich model here. And every 2 to 3 years, in China, we need to have one on model for the Sportstyle, which is very important for us. And apparel definitely will be the key building block in the future. And our strategy is clear. We want to accelerate the business through local design and production for those performance-inspired apparel category. And we will use premium the engineering, premium fabric and technology. And local design and production allow us to efficiently fulfill the local customer demand and also complement our global apparel offer. And also, I here give example like the lady wear. This is our the first running apparel line we call Falcon Fly. And this is inspired through our legendary Salomon ski boot Falcon. And we achieved a very good result. For the running apparel for this first half year, we achieved 300% year-on-year growth. And also, we raised our average selling price, and we improved our gender mix. Then from a channel standpoint, we will continue growing through retail. Over the past years, we focused on the premium retail network. End of this year, we have 330 stores, and we scale it by speed and booming the business on the past years. And in the future, we still have 3 objectives. First one, keep increasing our productivity. For this year, our productivity is more than USD 2.5 million per store per year. And we do believe end of 2031, we will achieve more than USD 4 million per store per year. And secondly, we were broadening our multi-category in-store, especially the performance footwear and apparel. And third, we will continue control fleet expansion. So end of 2031, we more or less we will have 400 stores. So from this year to 2031, we will have another 17 new store opening. For epicenter, very important for us, Beijing and Shanghai, but because of our D2C model in China. So totally, we have top 10 key cities covered by our D2C, including Beijing, Shanghai and also Hangzhou, Nanjing, Chengdu, total top 10. And besides of that, we will cover through our outlet and partnership store. And of course, we will accelerate our business through diversified retail format. And I list here like the Shanghai A Road, which is the street, a lot of the young fashion consumer there. And end of this year, we will open our new big store in Shanghai Zeng, the Taiigu project. And the Shenyang Mix City, this is the top productivity of Salomon China store. The annual productivity will achieve USD 15 million per store per year. And digital, the digital channel is very key for us to connect with our consumer base. And China, the overall the e-commerce environment is a little bit different. Normally, we will have 3 kinds of e-commerce. The first one is we call the traditional e-commerce platform like the Tmall and Jingdong. The second one, which I listed here, the content e-commerce, like the Rednote and TikTok. We do a lot of the product seeding, product marketing. And third one is like normally in Europe, North America, dot-com, we're using the Tencent Mini Program, not only do the transaction, but also we connect with all of our members. The community application, everything happen. We use the Tencent Mini Program. So our focus will be the premium trend setting e-commerce digital platforms. And of course, we build brand heat through the culture relevant activations. Here, I listed 3 key campaigns on the first half year. Beginning of the year, we do the Chinese Lunar New Year pop-up store in the Chengdu, Taikoo. And the middle one, we do the influential program in the Shanghai A Road. It's more like the -- we call the road to the future. And the third one just happened on the past August, and we have grand store opening in the Beijing, the big store and our global ambassador, J was there. And also, of course, our Christophe there we achieved a very good exposure on the media and also a very good transaction result, sales result back. And then also GRVL. GRVL is very important, like Barry mentioned about. This year is the second year for China, we handled the gravel activations. On last weekend, we just did the first stop in Chengdu City. And this weekend, we will do it in Shanghai. So GRVL community run. And we also reinforced our positioning in performance through the events and athletes. And the Golden Running series race is very key for us. We sponsored 5 of GTS in China, which is out of the top 13 running series race in China. We achieved a very good result. And also, we think it is very critical for us to keep investment on the performance part. And I covered a lot of the strategy. Then let's look at how it comes in life. [Presentation]

The brand momentum is real, and we have confidence for the growth plan in China and driven by performance footwear and apparel acceleration as well as sustained sports style momentum. Looking back, we delivered strong acceleration as we scale from a small business to triple-digit millions. And looking ahead, we'll continue outpacing the market at a strong, sustainable level. We see a clear opportunity ahead. Growth will be retail-led and amplified by digital. We will focus on key cities, increasing productivity of our existing fleet and expanding selectively. We are excited about what they have built in China in the past years, and we are looking forward to the new journey in the future. Thanks for your attention, and welcome Cynthia, our Head of the APAC, Amer.

Good afternoon, everyone. I'm Cynthia. I'm leading the Solomon for the region. I have been AM Sports for 13 years, and all my career is focused on the region. This experience really gives me the appreciation how we have involved in the region and how much opportunity is ahead of us. So APAC, APAC is the most diverse region. APAC is the region with 2.5 billion people. APAC is the region with 4,000 language and over 50 countries. And with this one, when we look closely with this region in through the Salomon eyes, -- it presents a huge opportunity for Salomon's in 3 elements. First of all, when you look into the market size, APAC is the market for $50 billion, and it has a unique combination of affluent consumers and young consumers, and Salomon can speak to both. And when you're looking into the outdoor landscape, from the Japan legendary Powdernow, Himalaya Mountains, Southeast Asia Ring Forest, Salomon produced product for all them. And when you're looking into the culture influence, APAC does not just follow the global trends. APAC creates the trend for the global. Japan craftmanship attracts a lot of global brands to collaborating with the local artists. K-pop changed the young consumer globally how to behave and Salomon rise on it. The typical example is Jo, our newly global ambassadors. And how are we going to do and what we have achieved so far? In the diverse regions, we are accelerating. We are accelerating in the strong B2B strongholds with 30% CAGR in the past 5 years. We're accelerating B2C with 30x bigger than before and reaccelerating the market coverage from a handful 5 years ago, now we cover 15 markets. Reaccelerating soft goods from winter sports equipment dominate a decade ago, now it is 90% with soft goods. And that just shows the Salomon potential to win in a such bigger sector in soft goods. And the number speaks clearly 50% CAGR across multiple regions. And very importantly, we also achieved much more balanced channel growth, 40% from B2B and 60% from D2C. There is a significant transformation in this scale and also omnichannel play in APAC. How do we do that? APAC is not one market. APAC is multiple markets. And in this region, we have clearly 2 sectors. One is the developed markets like Japan and Australia. The other is emerging markets in Korea and Southeast Asia. Two different markets, one global playbook, but we do take different approach. Let's start with Japan and Australia, is the developed markets where the wholesale channels or wholesale partners are widely disputed. Our consumers know our brands, mainly from those multiple brand stores. And we continue to deepen our relationship with the B2B partners. We continue to invest in with better product offering and also better in-store experience. At the same time, we accelerate D2C. Retail is the place for us to present the full brand experience, e-commerce helping us to reach the new consumers wherever they are and whatever they want. As a result, in those developed markets, our D2C business is 50% and wholesale business is 50%. And at the same time, those 2 markets, mature markets go at 45% and 35% in parallel separately. And this is a truly multi omnichannel success. And that also shows how the global playbook can win in the developed markets if it's fully working. Walking into our emerging markets like Korea and Southeast Asia. This is a very different market. Those markets are monobrand less. Our consumers learn our brands through the retail stores. And that's why our quality and the pace of retail expansion is critical. In those markets, we work with the local team who has a strong deeply local know-how. They are the team of the retail experts knows the best location, the best format to run the store at the best way. And with their expertise, they allow us to move faster. In the last 5 years, we're able to build close to 100 stores across those markets, and the momentum continues. Korea 120% and Southeast Asia is 45% CAGR in the past few years. Then let's look at our omnichannel play, retail, e-com and B2B. Retail is our most important consumer touch points. Retail is the one, again, really brings the full experience to the market. In the last 5 years, we started with 8 stores in 2021 and quickly, we scale up to 120. Looking to the next 5 years, we do have the ambition to double number of stores. At the same time, we also have the plan to double our store size and also productivity per store. And we build consistency across all those markets. When the consumer walk into the store in Seoul, in Singapore, in Sydney, they will see the consistent look and feel, consistent format and consistent presentation. And they do have the same confidence into the brand. But when we think those consistency, we do strategically to build on the signature store format. Signature store is the one that we are able to build much deeper engagement with a unique group of consumer with elevating experience. Let me share with you a few examples. Let's start with this one in Seoul in Shandong. So Shani Dong is also known as Brooklyn in Seoul, where you get all those gen gathering together. And our store location, our design, our energy is designed for to amplify the global campaigns at the local level. So soon after we opened the store June last year, it become the brand destination of the city and also become #1 productivity store of the city. And we're moving from the Booking in Seoul to Shen Li in Tokyo, Amotental. So that is an area we have upscale consumers. We have the trends centers. We build a store there with the experience, exclusive product, one-on-one services, the culture moment. Consumer in the store, they spend 4x longer in the store, they spend 25% more per purchase and the conversion rate is 45% higher than other stores. And that is how we view the Salomon Sportstyle credibility. And we take the same approach to trail running. Trail running is our brand DNA, and we also built up a signature store only for trail running in along Seoul, where it's in the city center surrounding by the mountains, a perfect place for the urban child running consumers. In this store, we offer footwear, apparel, hydration bags, posts and other accessories. Look at the product we sold, 44% footwear and 56% apparels and others. So consumers are buying the whole solution, not just the footwear. And that's what we want to see, and that's also what we want to build for the brand in the future. Moving to e-com. E-commerce is another critical touch point for us. Brand.com remains at the heart of the execution. We will provide the widest product range, the richest stories and also the best experience online. However, in APAC, particularly for the young consumers, they live on their own platforms. You got Xinan in Korea, Rakuten in Japan, Lazada across Southeast Asia. We sold up Solomon in -- with the same quality and execution. This is not cutting the corner to build the volumes. This is the way that we sold Solomon in the new digital place to reach consumer in the right way. CAGR for e-commerce 80% and the momentum continues. The last but not the least, B2B remain our backbone, continue to drive our reach at scale. On the performance side, we are the leading premium outdoor brands. Our partners like Khatmandu, Sibiu, Alpan, they carry our product with authority. And in the running specialty, we established Salomon as a running brand for all tars. With the result, sellout in all those performance customers is high 20s in 2026, way ahead of the market. And when you move to the Sportstyle side, that's why we partner -- we scale up our business with Foot Locker, JD Hy and [indiscernible] 4x more distribution points, 3x store productivity per store, and this is the quality growth we look after. And when you're putting everything together, all the channels together into a city, and that's what we call the epicenter strategies. In Tokyo, it is one of the example that we execute the epicenter strategy. When we do that in Tokyo, we don't isolate performance of sport, we don't isolate B2B retail or communities. And we do it all together because this is a brand how generally show up to the consumer in the city. Our consumer when they walk into the store at Emos in Shuguyan, he might discover X6. Turning the corner, he might try on our gravel shoes in the Seoul for the performance products, consumer, 2 products, 2 purposes for 1 brand. And at the same time, we strengthened our ecosystem with 16 retail stores across the cities. creating a huge brand presence in the city that is new -- not too much consumer knowing about the brands. Beyond the point of sales, the retail store significantly transformed Salomon as a single product offering to a modern mountain brand experience, and that's how we build that. We also saw ourselves in all those local communities, the mountain events, the running races and also the culture moments. And we engage the performance consumer and the sports consumer at the same time. Wherever we encounter with the consumers, we always want to bring them back to the sports, and that's what the brand DNA is. And we need to have the paces in the city that's doing that every day. Solace is one of the most famous running station. next to the Empire Palace and on the most iconic running route in Tokyo. We occupy the whole running stations, and we occupy all the product display in the store and every single conversation in the store. Runners come into the store, they can try on our products. They can get advice from the shop staff and also they connect with the community. And this is not the advertisement. And this is the authentic services as a brand that we provide to the owners -- to the runners. Mountain Takao, 30 minutes train rides from Jo is a mountain with 3 million hikers and checkers a year. We have a Solomon experience center at the gate of the mountains. We provide the same services to the consumers. When they come in, they try on our gears, they rent our equipment, they chat with the staff who on the trails every day. And that's the nature connection with the brand the possible. One Mountains on the mountains in the cities, 2 hubs, brand. Again, that's what we do. Salomon is really the brand connects the past to the future, the mountain to the city, the performance to the style, the French help to the world, and it happens in Tokyo. Salomon is the exclusive partner with Mountain Fuji, the iconic Fuji globally, and we established multiple years collaboration. One of the most remarkable project we're working on is called Mountain Fuji restoration project. This is a project we partner with the local government to rebuild a 100 years old historical West House. Then we bring the story, we bring the product to the city center, Shibuya to invite more urban consumers to the mountain. And this is like the Salomon Spirits, modern mountain sports in action, and please enjoy the film. [Presentation]

We have the formulas of the epicenter in Tokyo, and we're going to expand it to all other epicenters in the region. Seoul, Sydney, Melbourne and Singapore. One playbook, local adaptation, one ambition. Looking forward, the diversity is our growth engine. We have the winning formula. We have the track record. We continue the momentum with the high-teen growth across all the markets in the coming -- in the next 5 years, strong, sustainable, profitable growth, and that's what we aim for. We continue to commit the omnichannel approach and that give us the biggest and the best services to the consumers. B2B, we're aiming for mid-high teens growth in the next 5 years, D2C low 20s, and we aim to add approximately 110 stores in the region. a business built on the authentic connection with the consumers, and this is how to win in APAC. Thank you very much. And let's welcome Steve.

Thanks, Cynthia. Salomon has been a dominant force in the mountains for decades. Today, it's being discovered and adopted across America streets. My name is Steve Nolan. I lead Salomon's Americas business. I'm an American who actually grew up about an hour from here. The Americas is North America plus Latin America. And Latin America itself is a compelling story, growing 30-plus percent. We have about 55 retail stores and a healthy and growing wholesale business. and we're outperforming our main competitors in Mexico City. However, North America is 85% of the business. Therefore, it's where I'm going to spend the majority of the next 14 minutes because the whole opportunity sits in one fact that you've heard talked about a little bit today. North America is the largest global footwear market, unmatched potential across every one of the segments we play in, which makes it the biggest opportunity in front of this company today. And we come at it from a position of real strength. The geography maps perfectly to our portfolio, Mountain Heartlands for winter sports and outdoor, running hubs like Boston and Chicago and culturally relevant cities like New York City and Los Angeles for sports style. We're relatively new to soft goods, but the brand is already very well positioned. Brand perception is strong. We have authentic DNA, as you've heard today. We have technical leadership, which you've seen over the course of the last couple of hours. And we have premium positioning in all the channels we play in. Let me show you how far that move has already taken us. Over the last 3 years, we've changed the shape of Salomon. We accelerated soft goods. We've transitioned from a winter sports company to a soft goods brand. Historically, our soft goods was outdoor-centric. Today, we're a balanced mix across run and sports style. We've renewed and premiumized legacy wholesalers out, strategic partners are now the focus. Two years ago, we had no stores. At year-end, we'll have 8 in the U.S. We have outperformed the market, 20% CAGR across soft goods and a 12% CAGR inclusive of our winter sports equipment over the last 5 years. Today, we are still wholesale driven, but we have robust e-com capabilities and in the early stages of retail, but clearly seeing it accelerate quickly in 2026. We fundamentally reset the organization in the last 3 years in order to tap into Salomon's immense potential. We restructured for scale from a WSE heavy business to one that is a clear soft goods operating model. We cleaned and curated the entire B2B marketplace, closing close to 400 accounts. scale retail from 0 over the last 2 years and importantly, have resourced buying and planning and the site merchandising behindsalomon.com. We invest -- in fact, we overinvest in epicenters with always-on and community-first activations. The result is an organization today that is fit for the growth that we're planning. Here is what that growth looks like. Our largest revenue component and our largest and importantly, consumer acquisition tool remains B2B, the wholesale environment. Sportstyle is driven from heat from smaller culturally relevant accounts such as KI. Scale will come from Nordstrom, JD Sports and the recently launched Foot Locker. Run specialty retailers have carried our trail footwear and hydration vests for years. We're using that foundation to establish soon as the all surfaces running brand. Outdoor is where we have always lived. We're doubling down on dominant accounts such as REI and locally connected such as Paragon Sports, going deep rather than broad as we build new categories like gravel. We're focused on fewer, better partners, full price sell-through, protecting what we've built and alongside it, our own front door. With our market reset, today, Salomon is in less than 1,000 carefully curated run and Sportstyle doors. Over the next 5 years, we have a clear road map that grows our door count to leverage our retail partners' footprint in order to grow our consumer base. Salomon's B2B leadership is focused on door productivity as a key component of our commercial strategy. Wherever the consumer meets us, the experience is premium in our DTC environment and always full price. Our own stores are the best representation of the brand, handpicked premium locations in New York City, Los Angeles and Chicago today. This validates our model and gives us the confidence to scale to between 30 and 40 by 2031. We've elevated the e-com experience, focused on driving quality traffic, converting at full price and deepening the consumer loyalty, backed by a growing set of digital investments and capabilities. We're delivering premium experiences across all channels, strengthening brand equity and converting consumers into Salomon advocates. We're epicenter-led. We're concentrating our investment where brand heat exists, New York City and Los Angeles and sequencing outwards as momentum builds. Always-on full funnel activations from high-impact out-of-home and creator partnerships to in-store placements and experiences. Community first, bringing the brand to life where consumers already are, run clubs, trail races and community events. The brand is being noticed, and the numbers are moving with it. Brand awareness grew 2x in New York City since 2023. Search share grew 150% year-on-year in Los Angeles, which is why we're confident about what comes next. We've tested this approach in New York City and Los Angeles with tremendous success. As we grow, we'll amplify our city focus to 4 additional geographies: Boston, Washington, D.C., Miami and San Francisco. As we grow, we will amplify our city focus. Selected cities will all play a key role as we accelerate run and sports style and connect with new consumers. [Presentation]

From that, I hope you get a sense of the buzz, the energy that we're consistently building, whether it's at store openings, at launches in new retail environments or partners or community focused and events. We spent the last 3 years building the foundation. The acceleration starts from here, a roughly 12% CAGR from '21 to '26. That number was the cost of the reset. It's certainly not the ceiling, low 20s from this point forward. Growth will be led both by B2B, the wholesale environment and our own D2C channels, led by premium wholesale partnerships where door productivity is the go-to KPI, excelling retail as we roll out our full-priced retail fleet. Thank you so much. And with that, I'll turn it over to Omar.

Okay everybody. Last break coming up. We're a little bit ahead of schedule. So why don't we take a 20-minute break, come back at 10. The people on the webcast, maybe you guys help us organizing the webcast, let them know we're going to restart at 3:50 with the financial section and Q&A. Thanks, everybody. See you in 20. [Break]

Welcome back. I'm jealous. You have seen my colleagues this afternoon, nice products, nice films, nice pictures. Probably next time I have to dance my numbers, just to give you a little bit of emotions back. So good afternoon. I'm Antonio Regoni. I joined Salomon in September 2022. Next week, I will celebrate fourth years. You see it on the pictures look a little bit different, but it was a great journey. After spending much of my career leading global premium brands and driving financial transformation, it has been really a privilege to be part of Salomon journey since then. As CFO, my focus has been driving sustainable profitability and strengthening our financial foundation so we can accelerate global brand growth. The team and I introduced rigorous financial discipline with strategic commercial vision, which supported into the results we have today. You've had a lot already today or you heard a lot already today about Salomon's transformation journey and our strategic priorities for the future. Now I'll walk you through how it all comes together in our financials, the key components behind our growth story over the next 5 years. Sometimes, and this is important, we forget where we are coming from, Salomon transformation delivered a 23% CAGR over the past 5 years, and we doubled our operating margin along the way. As you have heard from the other leaders today, we have transformed this business from a European-centric performance and B2B brand into a global multi-category omnichannel brand with strengths across the board. That growth came from clear direction and focused investment in a few key areas. First, we stayed relentless, and I think you've got today a picture of it on product innovation and excellence, designing durable, high-quality products from day 1. That's what led us earn and keep our credibility. Second, we expanded in multiple categories. You got a feeling today. Footwear remains our core. And there we have grown beyond outdoor into run and Sportstyle. Apparel bags and accessories are amplifiers. They round out our head-to-toe offer. Third, we transformed how we go to market, premiumizing our wholesale partnerships, accelerating B2C with a focus on full price brand stores and building out our global epicenters to nurture our target communities. And finally, we build the team and infrastructure to enable and fuel the business at scale. Again, the result is on the slide, 23% revenue CAGR from less than $1 billion as I started to over $2.5 billion over the past 5 years. And we doubled and there I'm very proud of, we doubled our operating margin at the same time. 2026, looking a little bit ahead, would be our strongest year end. And I'm proud to say we are significantly ahead of the 5-year plan we set back in 2024. By year end, we will surpass the $2.5 billion of revenue, which means about a 30% year-over-year growth. More than 85% comes from soft goods with the rest from major sports. All 4 regions are outpacing their regional markets, you heard that. And we are delivering that growth with operating scale, which means higher profitability too. Our D2C share will reach about 45% of revenue by year end, 5 points higher than last year with approximately 540 owned and partner stores around the globe. Strong digital acceleration in Europe and North America, a new or deepened partnerships with high quality D2C partners that fed us up well for the future and from a category standpoint of view, the numbers backup our positioning. We are still anchored in performance, which is 55% of soft good revenue while Sportstyle now give us an access to broader categories and consumers, which is basically 45% of soft goods. What happens from a regional point of view actually the summary you heard today. We have a very balanced portfolio. No single region represents more than 40% of our sales and looking ahead, we accept growth-based growth, meaning every region will accelerate. You have EMEA as largest region we grow at low double-digit CAGR over the next 5 year. China, our largest D2C, will grow at high teens. APAC would also growth at high teens, led by strong omnichannel growth and lastly, North America will accelerate significantly, growing at a low 20s CAGR. Category standpoint, we have winter sport, will continue outpacing the market, reinforcing our leadership across all winter sports. Soft goods will grow up high teens CAGR, led by the acceleration of Sportstyle and running footwear as well as our head-to-toe portfolio. Within soft goods, footwear, which is the largest part of our business, will grow at mid to high teens CAGR. Apparel, accessories and bags will grow at low 20s CAGR as we begin investing in this category and you got the snapshot this afternoon. Coming together, and this is why I took the job 4 years ago because I believe to see the potential. I didn't know that it was so big. And looking ahead, I'm excited about the potential for the plans to keep growing. From a top line perspective, we expect to deliver mid teens CAGR over the next 5 years and we expect to see higher growth rates in early years, which naturally normalize as the brand gets bigger. We also expect to deliver 20 to 60 plus basis points of operating margin expansion annually ensuring we manage the business in disciplined manner, driving strong profit flow through by balancing key investments needed to scale the business over the long term. Let's dive into this gross drivers which is what make us confident that the target is achievable and you see them here. But before we got in this, there's one thing I would like to highlight. We are not just growing somewhere. We are growing across multiple areas at the same time, not relying on any single lever. That's important. We try to balance the business. Let's start with the product. We expect strong growth across whole soft goods portfolio, footwear, apparel, accessories and bags. Our head-to-toe offer, apparel and bags will also accelerate, growing in line with run and Sportstyle. As mentioned before, no single region represents more than 40%. Looking ahead, we expect broad-based growth, meaning every region will accelerate. Let me repeat that. We are not relying on a single region to bring in the growth. We have this global plan in place driven by our global and regional epicenter strategy and strong locally go-to-market strategies. As our younger regions, call it younger, deadlock, our regional portfolio will become even more balances, that's important. we will also expect that our channels will grow, all the channels will grow. D2C growth is expected at the high teens CAGR from 2026 to 2031, driven by both retail and e-commerce. And you heard that today, on retail, we will keep building at our fleet globally and increasing productivity in China, while prioritizing premium locations and food price store formats in every region. On digital, we will keep increasing consumer reach year-over-year and improving e-commerce productivity as we grow awareness and boost online conversion. And we expect wholesale to keep growing consistently focus on high-quality premium accounts aligned with our brand positioning, delivering the right consumer experience across run, Sportstyle and major sports. Growth priority is clear by region. EMEA is our most major market, is mainly focused on growing doors, while North America and APAC need to grow both doors and strategic partners. This is my life thing here. I like that because I’m really working everyday. This is my everyday mantra. [ It’s still creating ] margin. We’ll expand 20 to 60-plus basis points every year driven by a mix of gross margin improvement and [ as unit leverage ]. Gross margin will be a key lever here due to the category channel and regional mix effect. Let me break that down. On category mix, footwear is our highest margin category and Sportstyle is our highest margin segment within. So as sports [indiscernible] and footwear overall becomes a bigger part of the business we benefit from a higher product gross margin. One region and channel mix with our D2C channel expand globally, gross margin improves along with our full-price sellout. And there is a regional component to regions with a large D2C share gain more momentum. And across all of this, premium -- brand premiumization matters. We'll keep protecting full price sales and reinforcing our premium position globally and across every channel. On SG&A, we expect modest leverage, especially in the early years. We are leveraging our fixed operating costs while making the critical investments we need to build and enable this business. These are investments we have to make now to build the capabilities to scale over the next 5 years and beyond. And the gross margin improvement helped us to fund them. What are these key investments? And before I go into that, I want to share the shared philosophy, his leadership team has behind them. we will increase investments. You heard that also in marketing in strategic areas, but we will do so with discipline. We invest in proven drivers, consistently measuring the returns as we go. So this isn't just about investing, but more testing, but it's more investing better. On product, on brand and product innovation, you have heard it today, product innovation is a constant. We are always fueling that. We need that. On strategic priorities, we are increasing investments in D2C expansion especially on full-price stores, epicenters and full funnel marketing to increase awareness, recruit new consumers and expand our community of loyal consumers. On the Technology & Digital, we continue to invest in capabilities that support our omnichannel approach strengthening the customer experience and engagement across all touch points. In parallel, this is also important. We are also modernizing our internal platforms and processes, leveraging AI to improve productivity and scalability. Last but not least, talent and capabilities. We will continue building our teams with best-in-class talent from the industry, and we will also expand our corporate presence globally with corporate and design hubs across AMC, New York, [indiscernible], Shanghai, Tokyo, to name a few. To close, I want to leave you with 3 main takeaways. We have experienced significant growth in the past years driven by clear strategies and strong execution, which has led us to outpace the market across key categories and regions. We are still, and this is really also my belief in the early innings of the Salomon journey, with white space to be captured in younger categories, regions and channels. And there is an ample growth potential ahead, and we have clear and achievable plans to deliver on our objectives, while staying true to our DNA, bringing the modern mountain sports culture to the city. Thank you for your attention. I will now hand over to Andrew, who will walk you through the financial of the wider Amer Sports portfolio.

Good. Thank you, thank you, Antonio. And what an awesome presentation today. So before I get into the numbers, let me just say thank you to the Salomon team for an awesome presentation, awesome set of content and thank you guys for coming. Maybe I think it's important, before I dive into the financials today and give you the Q3 -- updated Q3 guidance, let me take a moment to really reflect on how we got here and how we were able to really unlock the value across our portfolio and set ourselves up over the last 5 years. Our shift from a central model to a decentralized brand direct model is key to the decisive revenue unlock that we've experienced over the last 6 years. This model has enabled our brands to operate independently supported by putting in place the right management team and the organizational structure designed to enable long-term value creation. This is what you call demonstrative evidence. Essentially, we've gone from a mature portfolio of equipment brands stuck at the $2 billion to $3 billion range for decades to a unique portfolio of premium sports and outdoor brands fueled by 3 growth engines poised to eclipse $8 billion in sales this year. This represents a 20% CAGR of the portfolio since 2020. Today, we have 3 key growth drivers that are still relatively small in the global marketplace. And I put this up here for a reason, guys. This is our Terex is 1 of our key growth drivers, Salomon soft goods as 1 of our key growth drivers and Wilson Tennis 360. So I am basically within each operating segment, define what the growth drivers are. So as -- so these numbers do not represent the operating segment but rather the growth drivers. Arterix has been our largest and fastest-growing brand and continues to be driven by broad-based strength across categories, regions and channels. It's grown at a 40% CAGR since 2022, and it will eclipse $3 billion this year. And we are very confident in our -- that our care still has significant growth and runway ahead as we continue to open stores across all 4 major geographies as well as expand key growth categories such as women's, footwear and Veilance. Then you've got solo and soft goods, which you've heard a lot of details about today. It is a critical growth engine for Amer Sports. 30% CAGR since 2022, but it's still only a $2 billion revenue business in 2026. With a significant runway across all 4 geographies as Antonio just pointed out. And then our third growth driver, Wilson Tennis 360, a 20% CAGR since over the last 4 years, and it will exceed $600 million in 2026. The success has been driven by both in apparel and footwear as well as performance rackets. Moving down to gross margin. It's clear that this is not just a sales inflection. Profitability has also meaningfully accelerated for the group. Since 2022, we have enjoyed a very positive gross margin mix shift benefit. This includes sales shift towards soft goods from hard goods, D2C from wholesale and China and APAC versus the rest of the world. So all 3 of these mix shift benefits have benefited the company. And so when you think about that, this mix is combined with management's commitment to maintaining our brand's premium positioning in the marketplace, and disciplined inventory management have allowed us to expand our adjusted gross margins by over 1,000 basis points since 2022. And gross margin dollars have nearly tripled from $1.8 billion in 2022 to $4.9 billion at the midpoint of our 2026 guidance. So what does this all mean? Our strong gross margin performance have enabled us to reinvest in growth engines from a position of strength. Our confidence in our key growth opportunities have increased. We've been able to significantly increase our investment behind this portfolio over the last 4 years, and we've been able to make this investment at a challenging time for many others in our industry, and we've also been able to do this without sacrificing operating margin, which has increased 450 basis points since 2023. A 150 basis points per year, well above our 30- to 70-plus basis points that we provided in our Algo. So we believe that this is the natural result when you have great assets that has been under monetized and then you put the right organizational structure with great teams who are well incentivized to make the right decisions and execute and you feel this with the natural gross margin mix shift that I talked about, this is what you get. You get the ability to invest in growth as well as expand operating margin over that time period. So we believe that, that disciplined approach and decision has significantly benefited our organization. This transformation continues down the P&L. If you look at this and look at our EPS trajectory, similar trajectory as you've seen in our operating profit. Turning to the balance sheet. As many of you know, it wasn't just the P&L that inflected. We have also transformed our balance sheet with net debt going from approximately $3.5 billion pre-IPO and a leverage ratio well above 5x to a net cash position today. And thanks to the strong business momentum as well as disciplined working capital management, we are generating strong improvements in our operating cash flow. Now turning to the Q3 update we shared this morning. Please note that since we have not yet closed Q3, we are not updating full year guidance at this point. We will publish our Q3 results and our updated full year outlook when we report Q3 in November. As you saw in the press release this morning, we expect another strong quarter in the third quarter this year [indiscernible] in a couple of weeks. We now expect reported gross revenue of 20% to 22% versus the previous guidance of 18% to 20%. Also, we now expect adjusted operating margin to be slightly above the high end of the previous range of 13.5% to 14%. The strong results continue to be driven by strong performances from Salomon, Arc’teryx and strong -- and a solid performance by balled racket. Now moving into the long-term financial algorithm. Please note, this is important that the midpoint of our most recent full year 2026 guidance, this represents the new baseline for the updated 5-year algorithm that I'm going to discuss today. Starting at the group level. We are reiterating the group sales algorithm we provided a year ago of low double digits to mid-teens. This is despite the fact that we're starting from a revenue basis, 30% higher or $2 billion larger today than it was last year. Regarding the cadence of our growth over the 5-year horizon, we expect growth to be towards or above the high end of the CAGR range in the earlier part of our planning horizon and slower in the later years as we grow from an increasingly large base. Switching to profitability. At the group level, we continue to expect adjusted operating margin expansion of 30- to 70-plus basis points per year despite the fact that our baseline EBIT margin is approximately 200 basis points higher than from a year ago. All right. One thing that's important, let me walk you through the tariff. So regarding the tariff benefit of $64 million or 80 basis points that we received in 2026. Approximately half of that 80 basis points of margin benefit related to 2025. This means that our 2026 guidance of 14.2% to 14.5% includes a benefit of approximately 40 bps related to 2025. So onetime pickup this year. As such, when you back out the 40 bps, the baseline for our updated 5-year margin is effectively 13.8% to 14.1%. This is the operating margin that we believe reflects our underlying business in 2026. Okay. Margin expansion will continue to be driven by 3 factors: a positive mix shift as the higher technical apparel and outdoor performance segments continue to grow faster than the lower-margin ball and racket business; number two, margin expansion within each of the segments; and then number three, some leverage of corporate expenses, which we expect to grow slower than revenue. A couple of points to consider regarding our updated EBIT margin. We've generated significant margin expansion in the last 3 years. As I noted, 450 basis points. Our EBIT baseline margin is now approximately 14%, as I just discussed, and we believe it is imperative that we invest behind our 3 big growth engines, all of which means that we expect future EBIT margin expansion to be more in line with our long-term algo of 30 to 70 basis points per year versus the much higher expansion that you've seen since the IPO. Given the significant value creation potential for each of our 3 growth engines, we want to be flexible to invest behind our brands and capabilities so that we can deliver healthy and sustainable growth and ensure strong brand equity over the long term. This means making the investments to attract and retain high-quality talent, support our brands with best-in-class marketing, build premium owned store build out our premium owned store network and develop strong IT and digital platforms. Accordingly, we expect EBIT margin expansion to be driven by more -- to be driven more by gross margin in the first half of the planning horizon and more SG&A leverage as you get later years than the planning horizon. Now moving to the segments. For technical apparel, we continue to expect annual revenue CAGR of mid-teens, and this is on a sales basis, 30% higher than a year ago. Sales growth will continue to be driven by new store openings and Omnicom growth across all geographies. We continue to expect technical apparel segment to expand at adjusted operating margin of 20- to 60-plus basis points annually. Please note, technical apparel expansion will be towards the lower end of the range in the early years and towards the higher end of the range in the later years as Arc's investment in store openings and brand awareness begins to really scale. Moving to outdoor performance. As you heard today, Salomon footwear and apparel are driving the revenue and profitability acceleration in this segment. And we have elevated and as such, we've elevated the outdoor performance segment long-term sales algorithm. We now expect outdoor performance to achieve mid-teens long-term sales growth versus low double-digit to mid-teens previously provided. This incorporates mid-teens for the Salomon brand and low to mid-single digits for atomic intermodal Winter Sports Equipment businesses. And on margin, we are now expecting 20- to 60-plus basis points of annual operating margin expansion versus the 40 to 80 basis points previously provided. The lower annual margin expansion expectation is due to 2 factors: number one, very strong, nearly 400 basis points of underlying margin expansion, the Outdoor Performance segment achieved just this past year; and number two, our strategic decision to reinvest in the many growth opportunities across categories, channels and regions that you heard about today. Outdoor performance margin will continue to be driven by mix shift from hard goods towards soft goods, which carries a higher gross and operating margin than Winter Sports Equipment. Now for Ball and racket. We now expect a mid- to high single-digit revenue CAGR over the next 5-plus years versus our previous mid-single digits rate. Growth will continue to be driven by Wilson Tennis 360, especially soft goods, which now represents 15% of segment sales and is growing at a very strong double-digit rate. We expect the remaining ball and racket equipment business to grow low single digits. Lastly, we expect adjusted operating margin expansion of 20- to 60-plus basis points versus the 40 to 80 basis points previously provided. This is driven by our strategic decision to accelerate investment behind Wilson Tennis 360. We believe this franchise has strong and unique value proposition in the marketplace and still low brand awareness. And we are confident in the overall growth of RacketSports participation globally. All-in racket margin expansion will be driven predominantly by scaling the softgoods investment over time, especially as we build out our retail expansion in China D.C. and wholesale expansion in Europe and America. A few other financial considerations as you build out your models. We expect our effective tax rate to continue to approach 25%. We continue to expect annual CapEx of approximately $400 million. CapEx will be focused on building out our D2C footprint and making IT and other infrastructure adjustments to support our growth engines. We continue to target inventory growth at or below revenue growth, and this is a key KPI for our management team. We are very pleased with the quality and the quantity of our current inventory position across all of our brands. Moving to capital allocation. Following our newly achieved net cash position, our priorities are as follows: number one, invest in the growth of our business, we see significant long-term growth opportunities in all 3 of our growth engines of our Arc’teryx, Salomon Soft goods and Wilson Tennis 360. Share repurchases to the extent that they offset dilution of our long-term incentive plans and maintaining a net cash balance sheet midterm, given that our portfolio consists of 3 early-stage growth brands in a volatile and uncertain external environment. Lastly, I would emphasize that M&A is still not a priority given the fact that given given the opportunities that exist in our existing portfolio. To wrap it up, I want to leave you with this. If you apply our updated long-term sales and margin plans through our 2026 baseline, we believe Amer Sports Group has a strong potential to achieve significant earnings power by 2031. That includes $14 billion plus of sales, 16% plus operating margin and EPS of greater than $3 or more. All right. So with that, I will pause for a second. We're not going to take a break, just about 2 minutes. I'm going to reset the stage. We'll set up for Q&A, okay? [Break]

Thanks, everybody, for the great day. Thanks to the team. We've got about 30 minutes for Q&A. We have Sara and [indiscernible] from the IR team with microphones. [Operator Instructions] Let's start with Lorraine right here hereon.

Thank you. Andrew, my question is about the capital structure. You've got yourself to net cash. You have laid out a great investment plan for the next several years yet you talked about share buyback just to offset dilution. So why? And what will you do with the cash that you generate over the next 5 years?

I mean I think it's a great question. Just -- I think that given my last point around the volatility of the environment leaving ourselves the flexibility to really invest in the growth of our 3 growth engines is very, very important to us, making sure share buyback and M&A is not a priority right now, but we have left ourselves flexibility to as the environment changes as opportunities come up, we've left ourselves the flexibility, and we believe that that's important and prudent right now.

Matt right here.

Great. So on the multiyear wallet share opportunity for Salomon, you cited performance has led growth in Europe. Sportstyle has led in China in both categories very small. I think you might have said tiny in the U.S. Do you see both Sportsstyle and performance in early innings today? And can you elaborate on the diversified drivers of growth for the brand?

Yes, okay. So in fact, the Salomon story is about a performance story. So this is the first part. And what we are looking for is definitely -- we are convinced that if we tell the performance story and you see we're coming from Intersport outdoor and then moving to running and running on more opportunity than [indiscernible] train. We believe that we can really create a very strong connection with the consumer. [indiscernible] style is how we translate that into a cultural moment and then people are using our product every day. So when we look at -- when you are saying that Europe is coming from performance, China from [indiscernible], I think it's yes and no because, of course, Europe is performance first because this is what we are planning and we developed for many years. But in China, we have a very strong reputation in performance. So we have -- you have seen some video today. We organized in running on the great world, for example. So people get this image of core performance, innovation. So I think that we have to pay attention not to decouple the -- and I think the driver is more on the brand awareness on the acquisition of consumer and the capacity, if we acquire consumer on performance and sports and as they become to the full ecosystem. So I think that we have to look at this way in terms of consumer journey. And I just want to add 1 thing is -- there is 1 slide about how we spend the media, and you understand that we are reducing a lot the paid media, and we are starting to cut the story to the consumer. This is a lot about that. A lot of new consumers coming to the Salomon ecosystem. And we could have 2 choices. We could have one say, okay, we just board with paid media on 1 or 2 style and we try to sell as much as possible or we go on quality. We are telling the full Salomon story to this consumer, and we are trying to convert this consumer to the Salomon ecosystem. And today, this is what we start to observe in the data. We start to have this type of second wave of success where buying one and then going back to the store or going back to the system and moving forward. So this is the way we look at the strategy today.

One question. I mean, on Lorraine, back to your question on capital allocation. I think it's important to inform the group that should our capital allocation strategies and priorities change, we will definitely -- we'll signal that and update the market on the priorities. So if that was your embedded question.

Kelly Crago, BMO. Thanks for having us, guys. There's been lot of news out there, obviously, about the lifestyle sneaker category since you last reported seems like Salomon may be the only brand right now that's really in demand by the consumer and assume the retailers need to sell this whole as we look to next year. So just curious if there's any opportunities to accelerated distribution or sort of how you're thinking about that?

So what we are looking for is, once again, it's are you in style the brand for a long run. So this is a good example of what we have been doing in U.S. for the last 18 months, I would say. We're starting to work with -- in B2B with Nordstrom, GDS or [indiscernible] we are not coming to them and, okay, you have ABC score, and we are starting to fit Salomon on the star we are looking at where Salomon get traction and choose the store strategy team in order to make sure that we secure the demand, and we are telling the right Salomon story. So now the question is how much we are developing and today still quite small. So we speak about maybe between 50 and 100 stores in each of the partner, but it's how we are driving the sales standard in this area and we secure that and we start to build this awareness in this space. And then, of course, we are moving forward to the next step. And today, we have this 2 epicenter, which is New York and LA. I speak about U.S., but it's a good example. Now we have ensured cities. So we define 10 cities where we believe that we can have, again, an investment connection with community a bit more media. And then we are partnering with them, so we are choosing [indiscernible] in this area. And of course, then we see how much we can transform season after season, and we start to feed the demand. There is one good signal is e-com is helping a lot. So now we have a very modern platform. We are able to drive data. So as soon as we have information and signal on the e-com platform that 1 place is good for sla, then this is where we engage our partner. Epicenter strategy, consumer demand is really what we are looking for. It may look like a bit cautious compared to jumping on this opportunity. But I think in the long run, this is where we would like to install the brand in the market.

Before I go to the net question, I just want to remind you got all the Salomon team's here, too, as you have questions for the regions or the product guys, you can -- we have mics for them as well. Michael Binetti?

It was about Salomon. So I want to thank you, Gil. I know we've been waiting a long time to hear this is excellent, thank you. I do have a question for Andrew, though. Andrew, there's really been some very tough supply dynamics at play for the stock here lately. I think people who believe in the story, I think it's hard to buy a big position in where this is going because of the low float. I think other people are afraid that there's some concentrated holdings that could mean unexpected supply hitting the market. When you think about that, does this business need to operate at net cash? Does -- is there anything you can do to create a perceived buyer of a sizable position to backstop people who believe in everything that we hear from the -- what we've seen today, but I think the stock is trading far below what fundamentals would part.

Yes. I mean we definitely appreciate the fact that of our concentrate of the limited float that we have out there. And we've heard from the market and long only investors in key investors that, in some cases, is a hurdle. Again, I think that creating and leaving the flexibility for us to be able to run our business, grow our business, do the things that we need to do and invest in our growth initiatives is important, but also having the flexibility to make key decisions if we need to in the future is also critical.

Yes. And I would just add on Andrew's comment we have been in a net debt position in the past. We have a substantial cash flow. It's not debt in and of itself. We're afraid of it. I think it's really more just a position we're in the early stage of the growth companies. We have the flexibility do a myriad of options in the future if we should we so choose. I will go to Laurent here.

Laurent Vasilescu from BNP Paribas. I thought it was very helpful this morning the product segmentation, particularly around Sportsstyle. I think 1 of your colleagues said, the big elephant in the room. So with that said, I think it was 40% of your business is sports up. Where do you think that goes as we think about that $5 billion target for Salomon? Within that, is it going to be the XC6 or is there going to be a whole like a more complete offering within that a few points?