The German sportswear giant posted currency-neutral revenue growth of 14%, with net sales rising 13% in euro terms to €6.74 billion. Operating profit increased 5% to €574 million, while net income from continuing operations rose 6% to €398 million.
Apparel was the standout product category, with revenues increasing 35% on a currency-neutral basis, driven by strong growth in Football, Originals, Running, Training, Motorsport and U.S. Sports. Footwear revenues increased 1%, while accessories rose 20%.
The Performance business grew 39%, led by strong double-digit growth in Football, Running and Motorsport. Adidas said its extensive Fifa World Cup 2026 product range, including jerseys and the official Trionda match ball, helped accelerate momentum in Football.
Direct-to-consumer sales continued to outperform, increasing 25% on a currency-neutral basis. E-commerce revenues rose 27% and own retail sales increased 23%, with double-digit DTC growth recorded across all markets. Wholesale revenues grew 6%.
Gross margin improved to 52.5%, supported by healthy full-price sales and a more favourable channel mix. However, higher freight, sourcing costs and U.S. tariffs continued to weigh on margins. Marketing and point-of-sale expenses increased 30% to €924 million, reflecting increased investment around the World Cup.
For the first half of 2026, adidas reported currency-neutral revenue growth of 14% to €13.3 billion, while operating profit increased 11% to €1.28 billion. Apparel revenues rose 33% and Performance grew 34%, while DTC sales increased 23%.
The company has upgraded its full-year revenue outlook and now expects currency-neutral sales to grow between 9% and 10% in 2026, compared with previous guidance for high-single-digit growth. Operating profit is still expected to reach around €2.3 billion. Potential future U.S. tariff refunds of between US$250 million and US$300 million are not included in the guidance.
