Following today’s release of Adidas’ figures for the six months ending 30 June 2026; Louise Deglise-Favre, lead apparel analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “Adidas continued to sprint ahead in H1 2026, with net revenue rising 10.2%, and growth accelerating in Q2 as the World Cup boosted demand for its fashionable and performance-driven ranges. Currency-neutral sales rose 14%, showcasing the somewhat unfavourable impact of exchange rates against a strong euro. Adidas also improved its operating profit, with a 10.6% increase to €1.3bn, despite an increase in marketing spend and the uptick of costs associated with US tariffs. This strong first half prompted Adidas to raise its full year guidance, expecting currency-neutral sales to rise 9-10%, slightly above the vague high-single-digit expectations communicated in Q1.
“Footwear currency-neutral sales rose 2%, driven by double digit growth in its running, training and motorsport performance ranges. The Adizero ranges in running and the new iterations of its popular lifestyle lines such as the Samba Mule and Handball Spezial loafer proved particularly popular. While still positive, this performance marks a slowdown compared to last year’s growth and might hint at an approaching plateau for the brand’s footwear division following years of exceptional growth. Adidas continues to frequently release new versions of popular models and silhouettes but this reliance on constant newness to generate demand might in time find its limits. However, Adidas’ apparel division achieved a spectacular currency-neutral growth of 33%, thanks to strong performances in most of its ranges, with football and Originals being standouts boosted by an impeccable World Cup assortment. Adidas managed to capitalise on this World Cup by offering a wide range of products from current team kits to vintage football-inspired streetwear, allowing all consumers to find a suitable product for them during the tournament, no matter their level of interest in football. The brand’s direct-to-consumer division delivered a currency-neutral growth of 23%, while wholesale grew 7%, as Adidas purposefully kept a tight grip on product supply to maintain control over promotional activity.
“Adidas’ home region of Europe remained its weakest, though it still outperformed the wider sportswear market, achieving 6% currency-neutral growth, which is no small feat amid the tough European economic climate. North America achieved currency-neutral growth of 15%, reflecting strong demand, especially during the World Cup which was hosted in the region. Greater China’s currency-neutral sales rose 16%, while Emerging Markets sales rose 11% despite declines in the Middle East due to conflicts. Latin America and Japan and South Korea continued to deliver exceptional performances, with currency-neutral sales rising 27% and 21% respectively, slowly growing their contribution to Adidas’ overall sales.”
