- Adidas AG
- 30 July 2025 12:42:43
Source: Sharecast
Chief executive Bjørn Gulden noted uncertainty regarding where final US tariffs will settle, and raised concerns, not only about the direct impact on costs, but about how trade fluctuations will affect consumer demand and affect inflation.
"The year has started great for us and normally we would now be very bullish in our outlook for the full year. We feel the volatility and uncertainty in the world does not make this prudent. We still do not know what the final tariffs in the US will be," Gulden said.
"We have already had a negative impact in the double-digit euro millions in Q2 and the latest indications of tariffs will directly increase the cost of our products for the US with up to €200m during the rest of the year."
The company held on to its full-year guidance for operating profits between €1.7bn-1.8bn, though Gulden added: "We currently feel confident to deliver it, but of course this might change."
Revenues totalled €5.95bn in the second quarter, up 12% on currency-neutral terms compared with last year, though only 2% higher in euro terms due to an unfavourable €300m translation impact. However, analysts were expecting a figure closer to €6.15bn.
Nevertheless, operating profits were up 58% year-on-year at €546m, helped by a 0.9-percentage point improvement in the gross margin to 51.7%.
Shares were down 8.1% at €181.70 by 1323 CEST.
