—— ©2023 1 ©2023Frost&Sullivan.Alltheinformationcontainedherein(includingwithoutlimitationdata,words,chartsandpictures)isthesolepropertyofFrost&Sullivan,treatedashighlyconfidentialdocument,unlessotherwiseexpresslyindicatedthesourcesinthereport.Shouldnoonecopy,reproduce,diffuse,publish,quote,adapt,compilealloranypartofthereportwithoutthewrittenconsentofFrost&Sullivan.Intheeventoftheviolationoftheabovestipulation,Frost&Sullivanreservetherightoflodgingclaimagainsttherelevantpersonsforallthelossesanddamagesincurred. 3 ~34% ~22% 2 vs ~10% 5 4.4 4.6 4.9 3.9 4.2 3.5 3.7 2.8 3.1 3.2 4 3 ~8% 21/22 • 21/22 700 ~700 ~79~65~63~61~49 14/15-21/22• 21 42 9 40% 700 1 2 201820192020202120222023E2024E2025E2026E2027E 2 2014-20152017-2018 2021-2022 1960 18 CAGR ~20% 30 1978 5,020 : 1960 170 • 1972 : 1961 ~100 • 10 20 CAGR 8% 1972 ~150 1992 ~800 CAGR ~4% 1960 1972 3 SportsPro 202229 2021vs 2022 SportsPro , + …… …… 4 2018-2027E • • 2022 2020 760 2022 1,200 1,600 2027 2,200 3,500 9,000 10,000 8,000 6,000 4,000 2,000 0 5 ~20% ~30% ~9,000 ~3,500 CAGR2023E-2027E 201820192020202120222023E2024E2025E2026E 2027E 50 80 90 95% ~25% ~14% ~3% ~3% ~75% ~20% ~5% ~55% 18-2526-3031-4041-50 6 8K 60% 25K 25% 5K 45% ~10% ~10% 20% ~60% 8K 5-8K 3-5K <3K ~45% 5K ~35% 3-5K ~20% 3K 20% 10K 5K10K 35K30% 25% 3K 1K3K 35% 15% 5K 3K5K 40% 20% ~20% 30% 30% 10K 5-10K 3-5K 3K 3K ~20% ~25% ~20% ~35% 1-3K 0.5-1K 0.5K 5K ~15% ~15% ~30% ~40% 3-5K 1-3K 1K 7 2018 2,200 380 2027 2022 60% 2018-2027E2022 2023E-2027E 2023E-2027E 2023E-2027E 2023E-2027E >30% ~40% >30% ~40% 3,000 2,500 2,000 1,500 1,000 500 0 8 ~2,200 201820192020202120222023E2024E2025E2026E 2027E 2022 300 2027 1,000 2018-2027E 2027 1,000 1,200 1,000 800 600 400 200 0 >1,000 <300 201820192020202120222027E * SkiArlbergLaPlagne CampiglioDolomitidiBrentaSkiWeltWilderKalser-Brixental LesArcs * 9 * SnowWorldLandgraafAlpincenterHamburg-Wittenburg 2018-2027E oFactionSkis 800 600 400 o 200 0 CAGR~40% ~150 ~800 201820192020202120222027E 1 211-22 o, 506% 405% 304% 3% 202% 101% 2101 2102 2103 2104 2105 2106 2107 2108 2109 2110 2111 2112 2201 00% 10 2022 1 19 52 2 FILA 23 50 3 Phenix 16 41 4 Adidas 18 40 5 Nike 12 35 6 14 29 7 Zasport 5 28 8 Lululemon 3 25 9 10 24 10 9 22 4 • FILAPhenix 11 •CopozzGoski • • • •Burton HellyHansen • • • … 31 … … … 2023 3,500 12 2023 1,000 … 5 … – 2022 283% 347 2023 2022—2030 302 —— oo oo oo o 1/2 o 2/2 o ooo o ooo oo o 13 2022 95,510 76,370 45,860 42,440 12,850 …… *2022 >40% >40~760 — 14* 500-1,000 1,500-6,000 2022 40 2022 2023 2027 55% 2027350 7.5 2 8 8 2018-2027E 400 300 200 100 0 15 ~350 201820192020202120222023E2024E2025E2026E 2027E 8.08 2.25 240 35 14% 71,0807 21 10 SeanJiaPartner ManagingDirector :+862154075780*8641 :+8615121067210 :sean.jia@frost.com 1717 2504 :+862154075781 :+862132098500 16