Jefferies 2026 German & Swiss Corporate Conference Feedback

研报英文原文证据摘录

Jefferies 2026 German & Swiss Corporate Conference Feedback

n the teens vs industry at MSD%, enabled by the Shanghai hub.

The World Cup does not end on July 19. A strong WC execution positions the group well for 2027 retailer allocations (Dick’s being the•

standout US example). ADS booked c.€250m of WC related revenue in Q1, with a similar magnitude expected in Q2 and more to come in

H2 (as a reminder growth is guided higher in H1 vs H2, while the opposite is true for margins), despite possible WC cannibalisation. The WC

benefit will be especially evident in H1, but not to the expense of H2 prospects. The halo effect should extend beyond football fans as WC-

inspired lifestyle ranges seem to resonate strongly with female consumers (the Coachella and Miami F1 kind of shopper). Interestingly, no

questions were asked about Terrace maturity.

Running is scaling up well. Running is now a c.€2bn business, growing at c.30%. ADS' segment share has now built c.4% in NA. The brand•

now enjoys a podium share of >50% at major international marathons. Marketing here is deliberately under-the-radar with no Instagram “buy

me” push, with the focus remaining on running communities. The broader industry demand for Running continues to build strongly with 1m

+ sign-ups for next year’s London Marathon, growth in running clubs and “comfort” and consumers that prioritise health and experiences.

Disciplined sell-in... ADS emphasised a clear focus on shipping in line with sell-through (rather than chasing quarterly targets). Key peers•

remain promotional but ADS' discounting is much reduced (mark-downs have reduced from >50% 3 years ago to a 10-30% range now, and

on fewer items), a key win for margins. The key levers here are marketing and an overhead/sales ratio that can lag sales gains.