FOR IMMEDIATE RELEASE

Herzogenaurach, October 21, 2025

adidas reports strong third quarter results and increases its full-year outlook

adidas today announced preliminary results for the third quarter of 2025. Currency-neutral revenues for the adidas brand increased 12%, driven by broad-based double-digit growth across markets, product divisions, categories, and channels.

Having completed the sale of the remaining Yeezy inventory at the end of last year, the company’s results for the third quarter of 2025 do not include any Yeezy contribution. Including Yeezy sales in the prior-year quarter (2024: around € 200 million), currency-neutral revenues increased 8%. In euro terms, revenues reached € 6,630 million in the quarter (2024: € 6,438 million).

The company’s gross margin improved 0.5 percentage points to 51.8% in the quarter (2024: 51.3%), despite the negative impacts from unfavorable currency developments and higher tariffs. Operating profit improved strongly to € 736 million (2024: € 598 million). The third-quarter operating margin reached 11.1% (2024: 9.3%).

adidas has increased its full-year guidance for 2025. For the full year, the company continues to expect double-digit currency-neutral revenue growth for the adidas brand. Including Yeezy sales in the prior-year period (2024: around € 650 million), currency-neutral revenues are now expected to increase by around 9% (previously: increase at a high-single-digit rate). The company’s operating profit is now expected to increase to a level of around € 2.0 billion (previously: to reach a level of between € 1.7 billion and € 1.8 billion). The improved profitability outlook reflects continued brand momentum, the better-than-expected business performance as well as the company’s successful efforts to partly mitigate the additional costs resulting from increased US tariffs.

adidas will publish its final set of financial results for the third quarter and host its quarterly conference call on October 29, 2025.

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For more information, please visit adidas-group.com.

adidas uses alternative performance measures (APM) in its regulatory and mandatory publications that may represent so-called non-GAAP measures. An overview of these APMs can be found at adidas-group.com/financial-publications.