Adidas Doubles First-Half Profits, Maintains Outlook Due to Uncertainty

Adidas continues its recovery. The German sports equipment group concludes the first half of the current financial year with a more than doubling of its net result and a 7.3% increase in revenues, after a second quarter in which it has maintained its good momentum. “The forecasts for the full year are confirmed taking into account the high uncertainty due to US tariffs and macroeconomic risks,“ the company said.

In the first six months of the financial year (period ended last June 30th), the German company achieved revenues of €12.10 billion, representing a growth of 7.3% compared to €11.28 billion in the same period of the previous financial year.

The company’s gross profit, meanwhile, rose by 9.2% to €6.28 billion, while net income more than doubled from €360 million in the first half of 2024 to €798 million in the first six months of 2025.

Adidas posted revenues of €12.10 billion in the first six months of 2025

“The year has started very well for us and normally we would be very optimistic in our outlook for the full year - said Bjørn Gulden, CEO of the company - we believe that the volatility and uncertainty in the world do not make it prudent.“

The executive, who warned that “we still do not know what the final tariffs in the United States will be”. He detailed that the company has had a double-digit negative impact in millions of euros in the second quarter “and the latest indications of tariffs will directly increase the cost of our products for the US up to €200 million for the rest of the year”.

“We have continuously grown in double digits and ended the first half with 14% growth for the Adidas brand,“ said Gulden. “We have been able to create heat for the brand, extend the life cycle of existing franchises, create new franchises, extend the brand momentum also to apparel, with 17% growth in the second quarter, and we have recorded strong growth in our performance categories, with running leading the way in the second quarter, with more than 25% growth,“ he added.

Bjørn Gulden: “The year has started very well for us and normally we would be very optimistic; we believe that the volatility and uncertainty in the world does not make it prudent.“

By markets, the company posted 9.3% growth in the first half in its main market, Europe, reaching revenues of €3.98 billion. In North America, the group’s second largest market, sales rose by 4.1%, while in China growth was 6.3%; in Latin America, 6.5%, and in Japan and South Korea, 10.5%.

Despite the good results, the company has decided to maintain its forecasts for the year as a whole due to uncertainty. “We don’t know what the indirect impact on consumer demand will be if all these tariffs lead to significant inflation,“ said the CEO. “I have seen many companies either remove their outlooks altogether or drastically reduce them. The company has decided to maintain its initial outlook for the full year, with an operating profit forecast of between €1.7 billion and €1.8 billion.“At present, I am confident that they will be met, but this could of course change, also upwards, if the headwinds were to be less than we currently assume,“ Gulden maintained.