European Sporting Goods Investor feedback

Research evidence excerpt

European Sporting Goods Investor feedback

J P M O R G A N Europe Equity Research

17 July 2026

European Sporting Goods

Investor feedback

In this note, we summarize recent investor feedback on adidas, On, Puma and JD European Luxury & Sporting Goods

ACSports following the reinstatement of our ratings two weeks ago (adidas Wendy Liu

Overweight, On Overweight, Puma Neutral, JD Sports Neutral – see our note (44-20) 3493-9733

here). Over the last two weeks, we have met with a broad set of investors. While wendy.liu@jpmorgan.com

sentiment towards the sector remains cautious, investors generally agree that a J.P. Morgan Securities plc

slower Nike (covered by Matthew Boss) recovery could extend the window for Chiara Battistini

adidas and On to gain share, supported by solid brand momentum. The key (39-02) 8895-2700

chiara.x.battistini@jpmorgan.com

pushback is duration. In our view, both adidas and On trade at meaningful discounts J.P. Morgan Securities plc/ J.P. Morgan Securities

due to a lack of conviction that either can sustain strong growth in 2027 (or over (Asia Pacific) Limited

the mid-term). We expect both to be multi-year growth stories, driven by continued Apurva Vishwaraj

focus on brand building, product innovation, and regional growth opportunities. apurva.vishwaraj@jpmchase.com

Into H2 2026 and 2027, as external headwinds (notably FX and tariffs) fade, and J.P. Morgan Securities plc

as operating leverage kicks in, we expect margin uplift to further accelerate Victoria Saden

earnings growth. We remain Overweight on adidas and On. (44-20) 3493-0435

victoria.saden@jpmorgan.com

• adidas: J.P. Morgan Securities plc

Specialist Sales contact details:

• The pushback: Investors broadly expect a strong Q2, helped by a major Olivia Petronilho - Specialist Sales -