Q3 2025 Adidas AG Earnings Call Transcript
Key Points
- Adidas AG (ADDDF) achieved record net sales of EUR6.63 billion in Q3 2025, marking the highest quarter ever for the company.
- The adidas brand experienced a 12% currency-neutral growth in Q3, contributing to a 14% increase year-to-date.
- The company reported a strong gross margin of 51.8%, up by 50 basis points from the previous year.
- Adidas AG (ADDDF) saw significant growth in Greater China, with a 12% increase for the year, and improved profitability in the region.
- The company's e-commerce segment grew by 15%, indicating robust performance in the digital space.
- North America experienced slower growth, with only an 8% increase in Q3, partly due to a reset in the accessory business.
- The accessory segment faced challenges, with a decline in sales attributed to distribution and sourcing issues.
- Adidas AG (ADDDF) is facing a negative impact from tariffs in the US, estimated to affect the P&L by around EUR120 million.
- The company is cautious about Q4 performance, citing potential uncertainties in retail reactions and discounting pressures.
- Adidas AG (ADDDF) has a high inventory level, up 26% currency-neutral, due to strategic decisions to bring products in earlier.
(Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Sebastian Steffen, SVP IR and Corporate Communications. Please go ahead.
Thanks very much, Maura, and good evening, good afternoon, good morning, everyone, wherever you're joining us today, and welcome to our Q3 2025 results conference call. With me here today is our CEO, Bjorn Gulden; and our CFO, Harm Ohlmeyer. Bjorn and Harm will take you through the highlights of the quarter, our financials, the outlook.
And afterwards, we will open up the floor for your questions. As always, I would like to ask you to limit your initial questions to two in order to allow as many people as possible to ask their questions. And now before I hand over to Bjorn, we want to get everybody in the right adidas mood with this video. Let's go.
(presentation)
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