阿迪达斯(ADR)2024年度报告

adidas brand momentum drivesrecord revenues,strongthird-quarterresults,andupgrade of full-year2025outlook Major developmentsQ32025: •Brand adidas grows 12% currency-neutral, leading to record net sales of €6.6billion•Broad-based double-digit growth across markets,divisions,categories,and channels•Gross marginimproves0.5percentagepointsto51.8%,despite unfavorable effectsfrom currencies and tariffs•Operating profitup23%to€736million•Operating marginimproves1.8percentage pointsto11.1%•Net income of €485million,as hyperinflation-related effects weigh on financial result Major developments 9M 2025: •Brand adidas grows 14%,withdouble-digitincreases in allmarketsand channels•Operating profit up 48% to €1.9billion, reflecting an operating margin of 10.1%•Net income increases52% to€1.3billion Increasedoutlookfor FY 2025: •Double-digit currency-neutral revenue growth for adidas brand•Companyrevenues to increase by around 9% (previously:high-single-digitincrease)•Operating profit to increase to around €2.0billion (previously: €1.7-€1.8billion) adidas CEO Bjørn Gulden: “I am extremely proudofwhat our teams achieved in the third quarter with actually recordrevenues. 12% growth for the adidas brand leading to total revenue of €6.63billion is thehighest we have ever achieved as a company in a quarter.I am especially happy to see thatour performance business is growing strongly across categories and in all regions. The environment is volatile with the tariffincreases inthe US and a lot of uncertainty amongboth retailers and consumers around the world,but our teams workhard,and our brand andour products resonate well with consumers. Given the positive development in Q3,wehavenarrowedour top-line guidance and raisedourfull-year EBIT outlook from between €1.7billion and €1.8billion to around €2.0billion. 2025 is a success for us already.14% growth for the adidas brand year-to-dateand an EBITmargin above 10% is proofhow strong our brand is. Being a global brand with a local mindset,empowering our markets to win their local consumers is the right strategy to be globallysuccessful andisdriving these strong results. The focus is now on transitioning well into 2026,which will be another exciting sports yearwith the Winter Olympics right at the beginning,the biggestFootballWorld Cup ever,andmany more great events to look forward to. adidas is a sports company that connects sports and street culture. We sell performance,comfort,and lifestyle.We see global demand for all these segments continue to grow.That iswhywe look positive into the future!” Third-quarterresults adidas brandwith 12%currency-neutralgrowthin Q3 In the third quarter of 2025,currency-neutral revenuesfor the adidasbrandincreased 12%versus the prior year,ormore than€700million inabsolute terms,reflecting itscontinuedandbroad-based momentum. Having completed thesale of the remaining Yeezy inventory atthe end of last year, the company’s results for thethirdquarter of 2025 do not include anyYeezy revenues(2024: around €200million).IncludingYeezy salesin the prior year, currency-neutralrevenues increased 8%.In euro terms,revenues reached a record level of€6,630million (2024:€6,438million)in the quarter,despitethe strengthening of the euroagainst several currencies,which ledto an unfavorable translation impact ofmore than€300million. Double-digitincreasein both footwear and apparel Footwearrevenuesforthe adidas brand grew 11% during the quarter on a currency-neutralbasis.Thebroaderanddeeperproduct offering drove double-digitfootweargrowthinmajorsportscategories,includingRunning, Football,Training,and Specialist Sports.Strong growthin Originals and Sportswearalso contributed to the increasein footwear.Apparelsalesgrew16% during thequarter asbrand and product momentum continued to expand. Differentiatedand locally relevant apparelcollections fueled double-digit increasesinOriginals,Football,Running,Specialist Sports, and US Sports.Accessoriesgrew 1% duringthe quarter. Double-digitgrowthin both Performance and Lifestyle Performancerevenuesincreased 17%on a currency-neutral basisduring the third quarter,led by strongdouble-digit growth in Running andFootball.Momentum inRunningincreasedfurther withgrowth of morethan 30%, driven byAdizero.TheAdios Pro Evo2andAdiosPro 4 secured multiplemarathonvictories,including wins in Tokyo, Berlin, and Chicago,while thePrimeXEvoconcept shoe brokethesix-hour barrier,settinga new world recordforthe100kilometers at the‘Chasing100’project in Italy.Given these strong performancecredentials,adidascontinued to expandits successful Evo SL franchise,offering Adizerofeatures at acompelling price point,andalsorecorded growth ineveryday running franchisessuch as Supernova.In Football, growthwas fueled by new seasonon-pitchkitsand culturallyinspired collectionsforthe brand’smajor clubs. The launch of a wide range of product forLiverpool FC,the brand’s latest addition to its unique portfolio of partners, was particularlysuccessful acro