Columbia Sportswear Company Stock Price Performance

2020 Annual Report WE CONNECT ACTIVE PEOPLE WITH THEIR PASSIONS Dear Fellow Shareholders: Nearly all aspects of our 2020 financial performance were impacted by the ongoing pandemic. 2020 net sales (All growth and financial performance comparisons are between declined 18 percent with declines across all regions, brands full year 2020 and full year 2019, unless otherwise noted) and product categories. A bright spot was our direct-to- consumer (“DTC”) e-commerce channel which grew 39 2020 was a challenging year for all of us. While our financial percent, as more consumers sought out our innovative performance, inclusive of net sales and profitability products online. DTC e-commerce grew to 19 percent of declines, reflects the significant impact of the ongoing our sales mix in 2020, compared to 11 percent in 2019. If pandemic, it does not tell the full story. I’m incredibly you include our wholesale partners online businesses along proud of the extraordinary efforts of our global team of with our own e-commerce sites, we estimate online sales dedicated employees that quickly adapted to new work were over 30 percent of our global net sales mix in 2020. environments and kept our business moving forward. Gross margin contracted 90 basis points to 48.9 percent of Among their many accomplishments during 2020 included net sales and operating margin decreased 750 basis points a smooth transition to a virtual work environment, to 5.5 percent of net sales. This performance resulted in efforts to maintain the health and safety of our frontline diluted earnings per share of $1.62, a 66 percent decline employees, the execution of our operations teams to compared to 2019 diluted earnings per share of $4.83. deliver product, and our call center teams and retail staff engaging to take care of our consumers. These 2020 BRAND PERFORMANCE are just a few of the many ways their actions put us in a position to not only survive the pandemic but return to NET SALES AND GROWTH VS. PRIOR YEAR growth and emerge in a stronger competitive position. TWELVE MONTHS ENDED DECEMBER 31, 2020 $1,997 MILLION In early 2020, as the COVID-19 outbreak escalated to an unprecedented global health and economic crisis, our teams took swift action to adapt business operations, preserve financial liquidity and identify and implement cost -20% savings. To preserve liquidity, management suspended share repurchases and reduced capital expenditures and our Board of Directors approved the suspension of our quarterly $293 MILLION dividend. Collectively, these actions reduced 2020 capital outflows by over $130 million. On the cost savings front, we implemented several cost containment actions that when combined with lower variable expenses, resulted in over -7% $100 million in 2020 SG&A expense savings, in comparison to 2019, before non-recurring expenses and charges. $80 MILLION These actions along with disciplined working capital management enabled 2020 free cash flow of nearly $250 million, and cash and short-term investments of over $790 million and no borrowings exiting the year. This strong -11% financial position and underlying business momentum exiting 2020 would have been hard to imagine earlier in the year, at the height of pandemic-related uncertainty. $132 MILLION I’m proud to say that based on our profitable growth trajectory and fortress balance sheet, our Board of Directors had the confidence to approve a regular quarterly cash dividend, increase our stock repurchase authorization -13% and return to our pre-pandemic capital allocation strategy at its regular board meeting in January 2021. Columbia brand net sales declined 20 percent to $1,997 million in 2020. The decline in net sales primarily reflects lower wholesale and DTC brick & mortar sales, partially offset by DTC e-commerce growth. For the year, Columbia’s DTC e-commerce business grew 39 percent.

Footwear remains an important growth opportunity for the Co- lumbia brand and was a top performing category in 2020. The success of classic styles like the Newton Ridge hiking boot, PFG footwear and a growing assortment of sneakers and modern hiking styles are all expanding the brand’s popularity and reach in this important category. On the product front, 2020 marked the 10th anniversary of the On the marketing front, we proudly announced Bubba Wallace launch of Columbia’s patented innovation, Omni-Heat Thermal as Columbia’s newest brand ambassador. In addition to his rac- Reflective. Originally inspired by foil space blankets, Omni-Heat ing talent, Bubba is an outdoor enthusiast whose courage and is one of the best-selling winter technologies in the world. Since charisma align with the Columbia brand’s Tested Tough ethos. it was launched in 2010, cumulative sales have far exceeded I’m excited to see what Bubba can achieve in 2021 with his new $1 billion, and we still see tremendous opportunity in the years NASCAR team 23XI, whose principal owners include Michael ahead. The season-long 10th anniversary celebration featured Jordan and three-time Daytona 500 winner Denny Hamlin. an array of online events, including interviews and live events with Columbia brand ambassadors, and a global marketing campaign. In 2021, we expect this momentum to continue with the largest innovation launch in our Company’s history, Om- ni-Heat Infinity. This newest addition to our Omni-Heat product line features improved heat retention and a highly visible and distinctive new look. Early retailer feedback and orders for Om- ni-Heat Infinity have been very encouraging.

We also launched our 5th annual Star Wars collection. This year’s collection, based on the hit Disney series, The Mandalori- an, was our most extensive to date with several styles for adults and children. The launch generated a phenomenal response from our consumers with many styles selling-out in the first hour. Our efforts to promote the collection earned dozens of online and broadcast placements, creating over 300 million impres- sions across media and social channels.

net sales down only 7 percent to $293 million, despite the challenges presented by the pandemic. A bright spot for the brand was its DTC e-commerce business which grew 44 percent in 2020. As the pandemic took hold and category trends shifted to reflect consumers at-home routines, brand affinity for SOREL remained high as demand shifted towards versatile collections such as Kinetic sneakers, Ella sandals and classic slippers. Success in these new categories represents a significant growth opportunity and validates SOREL’s evolution beyond its legacy winter utility business to become a year-round function first fashion footwear brand. REGIONAL PERFORMANCE 2020 REGIONAL GROWTH HIGHLIGHTS NET SALES GROWTH VS. PRIOR YEAR TWELVE MONTHS ENDED DECEMBER 31, 2020 ( GROWTH CONSTANT-CURRENCY AND AS REPORTED )

CONSTANT CURRENCY ()( $US )

US CANADA EMEA LAAP prAna net sales declined 13 percent to $132 million in 2020, -17% -14% -20% -20% primarily reflecting lower wholesale sales, partially offset by DTC e-commerce growth. The brand’s DTC e-commerce business grew 37 percent in 2020, including robust new customer AS REPORTED ( $US ) acquisition growth. It is clear that prAna’s commitment to being an industry leader in sustainability and its mission to create US CANADA EMEA LAAP clothing for positive change is driving new consumers to the brand. prAna is uniquely positioned at the intersection of -17% -14% -19% -20% four growing consumer trends: rising participation in outdoor activities, conscious consumerism, sustainability, and growing demand for yoga and active apparel. *NON-GAAP MEASURE Reviewing 2020 net sales by geographic region, declines across all regions primarily reflect the impacts of the ongoing COVID-19 pandemic resulting in temporary store closures, including our wholesale customers’ stores, and lower consumer demand.

U.S. net sales decreased 17 percent to $1.60 billion in 2020, including a low-20 percent decline in our wholesale business and a mid-teens percent decline in our DTC business.

Net sales outside of the U.S. decreased 18 percent (19 percent constant-currency) to $898 million in 2020 and represented 36 percent of total net sales.

Latin America and Asia Pacific (“LAAP”) net sales decreased 20 percent to $425 million in 2020. •Japan net sales decreased mid-teens percent (high-teens percent constant-currency). •Korea net sales decreased mid-single-digit percent. •LAAP Distributor net sales decreased high-30 percent. •China net sales decreased mid-20 percent. Mountain Hardwear net sales decreased 11 percent to $80 million in 2020, primarily reflecting lower wholesale sales, Europe, Middle East and Africa (“EMEA”) net sales decreased partially offset by DTC e-commerce growth. The brand’s DTC 19 percent (20 percent constant-currency) to $299 million in e-commerce business grew 31 percent in 2020. We believe the 2020, with declines in both our EMEA distributor and Europe-di- investments we’ve made in recent years into Mountain Hard- rect businesses. wear’s re-energized product line and modernized messaging and •EMEA distributor net sales decreased mid-30 percent look are sparking consumer and retailer interest. Looking at the • Europe-direct net sales decreased low-double-digit perr- Fall 2021 orderbook, strong growth at key wholesale accounts cent (low-teens percent constant currency). as well as meaningful new distribution demonstrates retailers are embracing the brand’s direction. Canada net sales decreased 14 percent to $174 million in 2020. Strategicg Initiatives Lastly, I would like to note that the turmoil and adversity of 2020 We are committed to driving sustainable and profitable long- did not dampen our commitment to “doing the right thing,” term growth and investing in our strategic priorities to: while still seeking to drive returns for our shareholders. We •drive global brand awareness and sales growth through recognized this commitment to “doing the right thing”, through increased, focused demand creation investments; our environmental, social and governance (“ESG”) efforts. In 2020, we worked with peers across the industry to advocate for •enhance consumer experience and digital capabilities in all the outdoors and the environment. In addition, we committed of our channels and geographies; to reducing the manufacturing portion of our carbon footprint •expand and improve global DTC operations with support- by 30% by 2030. ing processes and systems; and •invest in our people and optimize our organization across 2020 also brought a call to action for organizations across the our portfolio of brands. world with respect to diversity and inclusion and we responded. In 2020, we remained focused on demand creation to leverage We took several steps to strengthen our commitment to diverr- our compelling brand portfolio and to connect with consumers. sity and inclusion, including establishing a Diversity, Equity and While overall demand creation expenses were down compared Inclusion (“DEI”) Leadership Team to lead our efforts toward a to 2019, demand creation increased as a percent of sales to 5.7 more diverse, equitable, and inclusive workplace. This team is percent in 2020, compared to 5.5 percent in 2019. We antic- focused on listening and learning, diversifying talent, creating ipate demand creation expenses as a percent of net sales to and sponsoring opportunity, and being a force for good. We increase further to 6.0 percent of net sales in 2021. This rep- also partnered with our retail, distribution center and brand resents the highest level of demand creation investment, as a teams to create engagement and develop department-level DEI percent of sales, in our history as a public company. Within our activities. Moving into 2021, we are dedicated to living DEI daily demand creation spending, we are prioritizing digital marketing and being inclusive beyond our own thoughts, ideas, culture, and social media investments to amplify our brand messaging beliefs and status. and create clear paths to purchase. I encourage you to review our most recent Corporate Responsi- The hardships of 2020 required an acute focus on cost contain- bility report posted to our website which highlights our strategy ment and warranted a reduction in capital expenditures. With and recent accomplishments that we’ve made empowering that said, we were able to continue investing in top strategic pri- people, sustaining places and promoting responsible practices. orities including the implementation of our mobile-first e-commerce platform Experience First, or “X1”. Following the imple- As we look ahead, it is clear that consumer interest in outdoor mentation of X1 across 10 countries in Europe-direct and for experiences has surged during the pandemic. In this environ- the prAna brand in 2019, we went live on the platform in North ment, our mission to connect active people with their passions America for the Columbia, SOREL and Mountain Hardwear is even more important and relevant than ever before. We look brands in 2020, prior to the peak holiday sales season. The new forward to equipping these new and life-long outdoor enthusi- aesthetically enhanced sites are performing exceptionally well, asts with our innovative footwear and apparel in the seasons to offering improved search, browsing, checkout, payment options, come. loyalty and customer care experience to mobile shoppers. Thank you for your continued confidence and support. In 2020, we also made changes to optimize our organization to capitalize on Columbia’s omni-channel growth potential. We believe by aligning our organizational structure globally we can Sincerely, accelerate our business transformation with a focus on e-commerce and digital. As part of these changes, Franco Fogliato transitioned to Executive Vice President, Global Omni-Channel. In this role, Franco leads the Company in focusing on the omni-channel experience and oversees all Columbia brand sales in direct markets globally. We also demonstrated our commitment Timothy P. Boyle to enhancing digital capabilities by creating a new Chief Digital Chairman, President and Chief Executive Officer Information Officer position responsible for leading our global This letter contains forward-looking statements. Actual results may differ technology organization. In early 2021, we announced Skip materially from those projected in these forward-looking statements as a Potter joined us in this new role, where he will play a pivotal role result of a number of risks and uncertainties, including those described in the in evolving our digital footprint and omni-channel and supply Company’s Annual Report on Form 10-K for the year ended December 31, chain capabilities across the enterprise. 2020, and subsequent periodic reports, under the heading “Risk Factors.” This letter includes references to constant-currency net sales, which is a As the pandemic took hold, we did not back down on our non-GAAP financial measure, to provide a framework to assess how the commitment to product design and innovation. I’m excited with business performed excluding the effects of changes in the exchange rates used to translate net sales generated in foreign currencies into U.S. dollars. our robust pipeline of innovative product, including the launch We provide a reconciliation of constant-currency net sales to net sales as of Columbia Omni-Freeze ZERO Ice and Omni-Heat Infinity in reported under U.S. GAAP in the Company’s Annual Report on Form 10-K for 2021. the year ended December 31, 2020. U$)V?@ WVCV?W W?AUl)V)?W C$@ ?RA#l% _`+'

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Columbia Sportswear Company Stock Price Performance

Comparison of 5 Year Cumulative Total Return Assumes Initial Investment of $100 December 2020 $250

$200

$150

$100

$50

$0 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020

Columbia Sportswear Company Russell 1000 Index Russell 1000 Textile Apparel and Shoe Index

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