Financial Performance - The company successfully strengthened its balance sheet by reducing net debt by $81 million, achieving a 2.0x bank-defined leverage ratio for future financial flexibility [1] - Fiscal 2026 guidance anticipates mid-single-digit revenue growth, supported by a strong current order book and record marketing investments for Merrell and Saucony [3] - Gross margin is expected to contract by 130 basis points due to an estimated $60 million unmitigated tariff impact, partially offset by pricing actions and product cost savings [3] Brand Performance - Sweaty Betty's sequential quarterly improvement reflects a strategic reset to prioritize its U.K. home market while transitioning the U.S. business to a more premium, less promotional model [1] - The Wolverine brand's underperformance is attributed to a 'tired' product pipeline, which is being addressed through trend-right Western work silhouettes and premium comfort technology [2] - Saucony's 30% annual growth was driven by a 'disruptive challenger' strategy, successfully intersecting performance running innovation with high-heat lifestyle collaborations [3] Market Outlook - Merrell's growth was underpinned by a shift toward athletic, style-led performance footwear, resulting in nearly doubling sell-through for the Moab Speed 2 franchise [2] - Wolverine brand revenue is projected to be flat for the year, with performance expected to improve in the second half as the U.S. marketplace recalibration concludes [3] - The Saucony growth framework relies on the 'Endorphin Azura' launch, anticipated to be the brand's largest debut launch to date [3]

+ Investor Presentation | 4Q25 Forward-Looking Statements This presentation contains forward-looking statements, including statements regarding the Company's outlook for the first quarter of 2026 and the 2026 fiscal year including, among others: reported and constant currency revenue; reported gross margin; reported and adjusted operating margin; reported and adjusted net earnings; reported and adjusted diluted earnings per share; diluted weighted average shares; the Company's outlook for revenue performanc ...