Overview
- Adidas reported about €6.6 billion in first‑quarter revenue, up 7% as reported and 14% in constant currency, with operating profit up 15.5% to €705 million and profit to shareholders up 12.6% to €482 million.
- Shares rose about 7% in early trading after the beat as Jefferies struck a more positive tone and DZ Bank kept a buy rating with fair value at €208.
- The company kept its 2026 target for high single‑digit growth adjusted for currency, despite a strong euro that reduced reported revenue by roughly €350 million.
- CEO Bjørn Gulden said the 2026 World Cup will be a big moment for the brand, with 14 national teams in Adidas kits, all match balls supplied by Adidas, and about one‑third of players wearing its gear.
- Heavy discounting in Europe and the United States is pressuring prices, so Adidas is limiting shipments to wholesalers, especially for lifestyle shoes worn off the field.