adidas Group: Growth trajectory unchanged

研报英文原文证据摘录

adidas Group: Growth trajectory unchanged

J P M O R G A N Europe Equity Research

30 July 2026

adidas Group Overweight

ADSGn.DE, ADS GR

Growth trajectory unchanged Price (30 Jul 26):€158.55

Price Target (Dec-27):€230.00

Following the release of Q2/H1 26 results this morning, which came in slightly European Luxury & Sporting Goods

ACahead of expectations on sales but 8% below on EBIT (see our First Take), we Wendy Liu

update our adidas model, increasing our topline forecasts by 1% on better FX (our (44-20) 3493-9733

Q3 and Q4 cFX sales growth are broadly unchanged, at +8% and +9%, wendy.liu@jpmorgan.com

respectively). Our FY26 EBIT forecast is also unchanged at €2.5bn, as we slightly J.P. Morgan Securities plc

raised our GM estimate to 52% to reflect recent FX moves, offset by higher Opex. Chiara Battistini

Our EPS estimates for FY26/FY27/FY28 are broadly unchanged. adidas shares (39-02) 8895-2700

chiara.x.battistini@jpmorgan.com

were materially under pressure today (stock -19% intraday before some recovery J.P. Morgan Securities plc/ J.P. Morgan Securities

post the conference call, closing at -12%). In our discussions, investors questioned (Asia Pacific) Limited

the growth algo post the World Cup, particularly noting that footwear only grew Apurva Vishwaraj

+1% in Q2, and that the incremental sales from the World Cup did not translate to apurva.vishwaraj@jpmchase.com

profit growth. To these questions, management offered broadly reassuring J.P. Morgan Securities plc

comments during the conference call, and to us, the main takeaways are 1) the Victoria Saden

implied +6% H2 growth guidance is conservative, as it seems to be based on the (44-20) 3493-0435

victoria.saden@jpmorgan.com

current wholesale orderbook (+6% to +7%) but does not reflect any upside from J.P.