adidas: The World Cup Winner; Stay OW

Research evidence excerpt

adidas: The World Cup Winner; Stay OW

Idea

June 26, 2026 06:48 AM GMT

Morgan Stanley & Co. International plc+Madidas | Europe Edouard Aubin

Equity Analyst

The World Cup Winner; Stay Edouard.Aubin@morganstanley.comGrace Smalley, CFA +44 20 7425-3160

Grace.Smalley@morganstanley.com +44 20 7425-9629

OW Natasha Bonnet

What’s Changed Natasha.Bonnet@morganstanley.com +44 20 7677-5723

Cedric Norest

Adidas (ADSGn.DE) From To Research Associate

Price Target €208.00 €215.00 Cedric.Norest@morganstanley.com +44 20 7425-1462

Adidas (ADSGn.DE, ADS GY)

Brands | Germany

Bottom Line: We see adidas delivering strong top-line momentum driven by Stock Rating Overweight

Industry View In-Line

ongoing underling strength (in particular in apparel and Greater China) as well as Price target €215.00

incremental tailwinds from the World Cup, with our channel checks and datapoints Shr price, close (Jun 25, 2026) €177.90

52-Week Range €214.90-129.95

pointing to adidas as a clear World Cup winner. Beyond near-term gains from the Mkt cap, curr (mn) €31,767

World Cup, we see the event also as a significant catalyst unlock of US longer-term Net debt (12/26e) (mn)* €(809)

EV, curr (mn)* €33,140

shelf space gains for the adidas brand (e.g. at DKS), a market which adidas has

* = GAAP or approximated based on GAAP

historically struggled to crack. We see a solid catalyst path for adidas shares in the

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

coming months driven by a likely strong Q2/Q3 prints (incl. potential Q2 pre-

Sales / Revenue 24,811 27,371 29,758 32,207

announcement) and adidas’ product innovation day in September which should (€mn)**

provide reassurance on growth drivers into FY27 beyond the World Cup. We see EBITDA (€mn)** 3,125 2,933 3,541 3,864

EBIT (€mn)** 2,055 2,495 3,064 3,348