ADIDAS Q3 2026 TRADING UPDATE: - REVENUE: EUR7.252B, UP 9% TO RECORD - OPERATING PROFIT: EUR1.008B, UP 37% TO RECORD - RAISES FY2026 OPERATING PROFIT OUTLOOK TO EUR2.6B - SEES FY2026 CURRENCY-NEUTRAL REVENUE GROWTH OF 9%-10% - RECEIVES MAJORITY OF US TARIFF CLAIMS WITH €200M REFUND - TO REINVEST AROUND EUR100 MLN IN Q4

Adidas reported third-quarter 2026 revenue of EUR7.252 billion, up 9% to a record, and operating profit of EUR1.008 billion, up 37%, also a record. The company raised its full-year 2026 operating profit outlook to EUR2.6 billion and guided to currency-neutral revenue growth of 9%. The upgrade points to margin expansion outpacing top-line growth, a signal that pricing power and cost discipline are offsetting input and tariff pressures, which the headline ties to the TARIFF exposure in this report. Sportswear and apparel peers with similar cost structures and U.S. sourcing exposure are most sensitive to such read-throughs, since the earnings raise suggests tariff costs are being absorbed or passed through more effectively than the market may have assumed. Traders should watch the company's detailed regional and category breakdown on the earnings call for evidence of whether growth is broad-based or concentrated in a few markets, and any commentary on tariff cost assumptions in the second-half guidance.

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