What impact could the higher tariffs and near‑term macro uncertainty have on the company's cost structure and profitability?

Higher tariffs will directly lift Amer Sports’ landed‑cost base for imported components, raw materials and finished goods. Because the firm’s portfolio is heavily weighted toward premium technical products, a sizable portion of its cost structure is already tied to global supply chains. A tariff‑driven cost increase will compress gross margins unless the company can pass the expense to customers through higher list‑prices or product mix upgrades. The near‑term macro uncertainty—slower consumer spending, currency volatility and potential interest‑rate hikes—adds pressure on discretionary demand, which could further erode top‑line growth and amplify the margin‑compression risk.

From a fundamentals standpoint, management’s confidence in “managing through higher tariffs” suggests they have some pricing power or supply‑chain hedges in place, but the guidance lift (revenue, margin, EPS) already assumes a modest margin cushion. If the tariff impact exceeds expectations, the margin guidance could be revised downward, prompting a re‑rating of the stock’s earnings yield. Technically, Amer Sports has been trading near its 50‑day moving average with a bullish momentum histogram; a breach below the 20‑day SMA on volume could signal that the market is pricing in the cost‑headwinds. Conversely, a hold‑or‑buy signal emerges if the price holds above the 20‑day SMA and the company delivers the raised guidance, indicating the market is rewarding its ability to offset tariff costs.

Trading implication: Keep a short‑position on the downside if the stock shows a break below the 20‑day SMA with widening spreads, reflecting margin‑compression concerns. If the price remains above the 20‑day SMA and the company confirms its raised margin guidance, consider a long entry or at least a neutral stance, as the premium‑brand positioning may allow price pass‑through and protect profitability despite higher tariffs and macro headwinds.