China consumer - Business continued solid performance for adidas in 2Q26

Research evidence excerpt

China consumer - Business continued solid performance for adidas in 2Q26

Global Markets Research

28 June 2026China consumer

EQUITY: CONSUMER RELATED

Business continued solid performance for adidas in 2Q26 Research Analysts

China Consumer Related

Improving sales performance in 2Q26 of adidas driven by Jizhou Dong, CFA - NIHK

jizhou.dong@nomura.comrunning segment and FIFA World Cup

+852 2252 1554

We hosted a channel check call with an expert with deep knowledge of the China

Summer Qian - NIHKsportswear sector on 24 June, to gauge the latest sales momentum and operational summer.qian@nomura.com

update of major sportswear brands, especially adidas (ADS GR, Not rated). Our key +852 2252 6220

takeaways are summarised below.

Recent sales momentum and outlook

• adidas’s China has continued to deliver solid growth momentum during quarter to

date (QTD) in 2Q26, according to the expert. The sales growth momentum has

accelerated in 2Q26, registering mid to high-teens% y-y growth in April, May and June

(as of June 21), compared with low-teens% y-y growth in 1Q26, as mentioned by the

expert. For the 618 Shopping Festival, the expert believes adidas’ sales performance

was also on track. The acceleration of adidas’s China sales momentum in 2Q26 has

been mainly driven by: 1) strong performance of the running segment; 2) one-off

tailwind from the 2026 FIFA World Cup; and 3) strong marketing investment in China

of the brand, in the expert’s view.

• Along with the fast sales growth momentum, the expert also observed that both

adidas’ offline and online discount levels were marginally deeper (c.1ppt y-y) during

QTD 2Q26.

• On adidas’ China sales outlook in 3Q26E, the expert expects >15% y-y sales growth.

However, we believe the outperformance of adida’s China business is company-