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Adidas AG
XMUN:ADS

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Adidas AG
XMUN:ADS
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Price: 142.45 EUR -4.11% Market Closed
Market Cap: €25.6B

Adidas AG
Investor Relations

Adidas makes athletic footwear, apparel, and accessories for sports and everyday wear. Its products include running shoes, training gear, soccer kits, sneakers, and bags, sold under the Adidas brand and, in some cases, the Reebok brand in markets where it still has rights. The company sells mainly to consumers through its own stores and websites, and through wholesale partners such as sporting goods chains, department stores, and online retailers. Adidas makes money when it sells finished products to retailers and directly to shoppers. That means it sits near the end of the sportswear value chain: it designs products, manages branding and marketing, then works with contract manufacturers and suppliers to produce the goods. Its business depends heavily on brand strength, fashion, athlete endorsements, and how well its products connect with sports trends and streetwear demand. What makes Adidas different is that it is not just a shoe company or just a clothing company; it is a global sports brand built around performance and lifestyle. A single pair of shoes can be worn for sport, casual use, and fashion, so Adidas competes in both athletic and consumer-style markets. That gives it a broad customer base, from serious athletes to everyday shoppers who want recognizable branded products.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
Apr 29, 2026
AI Summary
Q1 2026

Sales beat: adidas said Q1 sales grew 14% currency neutral, or 7% reported, and management said that was better than they had planned.

Margins held up: Gross margin was 51.1%, down 100 basis points, but management said the underlying business improved and the hit came mainly from currency and U.S. tariffs.

Performance strong: Performance categories grew 29%, led by running, football and training, while footwear overall was softer because lifestyle shoes faced heavy discounting.

DTC outperformed: Direct-to-consumer grew 22%, with e-commerce up 25% and own stores up 19%, showing strong demand and solid product availability.

Outlook steady: Management kept full-year guidance unchanged and said second-quarter marketing spend will rise as adidas leans into the World Cup.

Cash uses: The company finished its EUR 500 million buyback and plans another EUR 500 million, plus about EUR 500 million in dividends, for roughly EUR 1.5 billion returned to shareholders in 2026.

Risks noted: adidas said the Middle East conflict hit sales by about EUR 30 million in the quarter and could hurt next quarter more if conditions do not improve.

Key Financials
Sales
EUR 6.6 billion
Gross margin
51.1%
Operating profit
EUR 705 million
Operating margin
10.7%
Net income
EUR 484 million
Basic earnings per share
€0.00 change not specified
Sales growth in America
12%
Sales growth in Europe
6%
Sales growth in Greater China
not specified
Sales growth in Latin America
not specified
Wholesale sales growth
8%
Own stores sales growth
19%
E-commerce sales growth
25%
Direct-to-consumer sales growth
22%
Footwear growth
4%
Apparel growth
31%
Accessory growth
13%
Performance growth
29%
Marketing spend
11.5% of sales
Operating overhead growth
3%
Inventories
up 13%
Receivables
up 11%
Working capital
up 21%
Share buyback
EUR 500 million
Dividends
around EUR 500 million
Cash returned to shareholders
EUR 1.5 billion
Middle East sales impact
around EUR 30 million
World Cup product bookings in Q1
around EUR 250 million
Free cash flow
slightly down in Q1
Earnings Call Recording
Other Earnings Calls

Management

Mr. Bjorn Gulden
CEO & Member of Executive Board

Bjorn Gulden is a prominent figure in the world of sportswear and fashion, known for his strategic leadership and extensive experience in the industry. As of 2023, he serves as the CEO of Adidas AG, one of the leading global sports brands. Born in Switzerland and raised in Norway, Gulden's diverse background includes both professional sports and business expertise. Gulden's educational credentials include a degree in Business Administration from the University of Rogaland in Norway and an MBA from Babson College in Massachusetts, USA. Before entering the corporate world, he was a professional soccer player and also played professional handball in Germany, providing him with unique insights into the sports industry. His career in the business sector began at Adidas, where he held various roles, including Senior Vice President of Apparel and Accessories. Gulden later transitioned to other companies, including roles as CEO of Pandora, an international jewelry brand, and Managing Director at Deichmann, a major European shoe retailer. Before returning to Adidas, he was at the helm of Puma, where he played a pivotal role in revitalizing the brand and driving significant growth. Under Gulden's leadership at Adidas, the company has focused on innovation, sustainability, and strengthening its market position. His strategic initiatives often emphasize product diversification and nurturing brand authenticity, resonating with both high-performance athletes and fashion-conscious consumers alike.

Mr. Harm Ohlmeyer
CFO & Member of Executive Board

Harm Ohlmeyer is a senior executive at Adidas AG, serving as the Chief Financial Officer (CFO), a role he assumed in 2017. He has played a crucial role in overseeing the financial operations of the company, implementing strategies for growth, and enhancing profitability. Prior to becoming CFO, Ohlmeyer held various leadership positions within Adidas, including roles in sales, marketing, and e-commerce, demonstrating his broad expertise and understanding of the company's operations. Ohlmeyer joined Adidas in 1998, and throughout his tenure, he has contributed significantly to the brand's strategic initiatives and financial management. His leadership has been instrumental in driving the company's digital transformation and sustainability initiatives, aligning financial strategies with long-term business goals. He is known for his analytical skills, strategic thinking, and a keen focus on innovation and efficiency. Before joining Adidas, Ohlmeyer gained valuable experience at other companies, which helped to shape his leadership style and approach to financial management. His work at Adidas has earned him a reputation as a forward-thinking financial leader in the sports and apparel industry.

Mr. Martin Shankland
Head of Global Operations & Member of Executive Board

Martin Shankland is an executive at Adidas AG, where he has made significant contributions to the company's operations, particularly in the areas of global supply chain and sourcing. Currently serving as the Head of Global Operations, Shankland is responsible for overseeing the efficient production and distribution of Adidas products worldwide. His role includes managing production planning, quality control, and supplier relationships to ensure that Adidas maintains its position as a leading global sportswear brand. Shankland joined Adidas in 1997 and has held various leadership positions within the company. Before becoming Head of Global Operations, he was head of the Emerging Markets region, where he successfully expanded Adidas' market presence in key areas, including the Middle East and Africa. His educational background includes a Bachelor of Commerce from the University of Western Australia, which laid the foundation for his career in business and operations. Known for his strategic thinking and deep understanding of supply chain dynamics, Martin Shankland plays a crucial role in driving Adidas' operational efficiency and supporting its commitment to sustainability and innovation.

Mr. Arthur Hold
Head of Global Sales & Member of Executive Board
No Bio Available
Mr. Guenter Weigl
SVP of Global Sports Mktg. & Brand Relations and Employee Representative Member of Supervisory Board
No Bio Available
Ms. Petra Auerbacher
Project Manager Creative Direction & Employee Representative Member of Supervisory Board
No Bio Available
Mr. Frank Scheiderer
Director of Finance Strategy & Programs and Employee Representative Member of the Supervisory Board
No Bio Available
Ms. Michelle Robertson
Global Head of HR, People & Culture and Member of Executive Board
No Bio Available
Mr. Sebastian Steffen
Senior Vice President of Investor Relations

Sebastian Steffen is a notable executive at Adidas AG, serving as the Senior Vice President of Investor Relations. In this capacity, he plays a crucial role in maintaining and developing relationships with investors and analysts, ensuring transparent and effective communication about the company's financial performance and strategic initiatives. His expertise is vital for Adidas in articulating its strategic vision to the investment community and managing investor expectations. Sebastian has been with Adidas for several years, bringing in-depth knowledge of the company's operations and financial strategies. Before his current role, he has held various positions within the company, contributing to his broad understanding of the brand and its market dynamics. His leadership in investor relations underscores Adidas’s commitment to fostering strong ties with its stakeholders and promoting confidence in its financial and business strategies. Sebastian's work is particularly significant as Adidas continues to navigate the complexities of the global sportswear market, where investor confidence is pivotal to supporting the company's ongoing growth and innovation. His proficiency in financial communication and strategic planning makes him a key figure in Adidas's executive team.

Dr. Jan Heinemann
General Counsel

Dr. Jan Heinemann is a prominent figure at Adidas AG, where he serves as the Chief Compliance Officer. In this capacity, Dr. Heinemann is tasked with overseeing the company’s compliance strategies and ensuring that Adidas adheres to legal and ethical standards across its global operations. His role is critical in maintaining the integrity and reputation of the brand, particularly in areas related to regulatory compliance, corporate governance, and ethical business conduct. Dr. Heinemann brings a wealth of experience to Adidas, having built a robust career in compliance and legal affairs. His expertise is instrumental in navigating the complexities of international business regulations and fostering a culture of transparency and accountability within the organization. As part of the executive team, he collaborates closely with other leaders to integrate compliance into the broader business strategy, ensuring that the company's initiatives align with its core values and legal obligations.

Contacts

Address
BAYERN
Herzogenaurach
Adi-Dassler-Strasse 1
Contacts
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