2Q set to see World Cup to further boost strong cFX sales

Research evidence excerpt

2Q set to see World Cup to further boost strong cFX sales

Deutsche Bank

Research

Rating Company Date

Buy Adidas AG 29 June 2026

Forecast Change

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 26 Jun 2026 (EUR) 181.70

ADSGn.DE ADS GR GER ADSGn

Price Target (EUR) 210.00

Consumer Discretionary &

Luxury ADR ISIN 52-week range (EUR) 212.30130.85-

ADDYY US00687A1079

Sporting Goods

2Q set to see World Cup to further

Valuation & Risks boost strong cFX sales

Adam Cochrane

DB View Research Analyst

adidas is set to deliver a good 2Q aided by improving brand heat and the World Cup +44-20-754-17812

benefit. Our investment thesis is that 1H 26 would see the peak of adidas cFX sales

Shwetha Ramachandran

growth and as growth slows in 2H 26 it will be replaced by stronger gross margin Research Associate

drivers and ongoing opex management. We increase our FY EBIT forecast by c.4%

to €2,550m and FY27e by 3% to €3,008m. This sees our FY26e EPS up to €9.8,

Benjamin Yokyong-Zoega

approaching the €10 per share we had before the US tariffs, and FY27e at €12.2. Our

Research Analyst

DCF derived valuation increases to €210 (from €200) which implies 21x 2026 PE

+44-20-754-12338

and we retain our Buy recommendation. Across our coverage, adidas remains one

of the most compelling investment cases and despite a tough overall sporting Do-Hyun Yoo

goods backdrop, we believe the sales outperformance can be maintained. Research Associate

+44-20-754-19487

2Q preview Key changes

We believe that the cFX sales growth in 2Q will be even stronger than we expected

200.00 to

and we increase our 2Q cFX sales growth to 16% (from 14% previously) with 11% TP 210.00 ↑ 5.0%

underlying and 7% benefit from the World Cup, partially offset by a 1% drag from DB EPS (EUR) 9.44 to 9.83 ↑ 4.2%

the Middle East.