阿迪达斯第一季度：业绩大幅超预期，但全年指引维持不变

+1 917 344 8457aneesha.sherman@bernsteinsg.com +1 917 344 8413jessica.tian@bernsteinsg.com OutperformPrice Target +1917 344 8594jed.hodulik@bernsteinsg.com Adidas Q1: Big beat, but FY guidance maintained Q1results delivereda big sales andmargin beat.However,FYguidance was maintained.See tablesbelowfor Results vs.Consensus. Q1reported14%cctoplinegrowth,abigbeatvs.9%Cons.[Note:Q1 is the firstquarter since theYeezy partnership terminationinOctober2022with noresidualYeezy impact,as there is no longera YoYheadwind from discontinuedYeezy sales orthelapping ofleftover inventory sell-through that extended through2024.J GrowthwasdrivenbyPerformance;Lifestyleremainshealthyandimprovedvs.Q4.Performancegrew29%cc inQ1 (afurtheraccelerationvs.27%ccinQ4),ledbyDD%growthinFootball (successfuljerseylaunches,matchballsales,andretroinspired Football apparel range),Running (Adizero franchiseas wellas Hyperboost Edge and Supernova Rise3 Adaptivelaunches),and Training (Adizero Dropset Elite launch).On the other hand, Lifestyle grew 6% cc (an improvement vs. 3% cc in Q4), driven bygrowth in both Originals and Sportswear (e.g., Samba Janes, Climacool, Adistar Jellyfish).By product division,growth was broad-based:Footweargrew4%cc(ontopof17% inQ1'25),Apparelgrew31% (supportedby jerseylaunches),andAccessoriesgrew13%. Regionally,growth wasstrongforthe Adidasbrand,though limited by conservativewholesale sell-in into Europe (+6%cc),in, whereas sales continued to grow DD% in Greater China (+17% cc), Emerging Markets (+10% cc), Latin America (+26% cc), andJapan/SouthKorea (+23% cc)-SeeExhibit4. DTC outperformed Wholesale,posting22%ccgrowth in thequarter,drivenbyEcommup25%and Own Retail up19%(DD%comp sales).On the other hand, Wholesale revenues grew 8%, as a result of the tough lap (+18% Q1'25)and a conservative sell-inapproach in Europe and N.Am given the uncertain consumer environment and heightened promotional activity. Cons),driven by unfavorableFX and tariffs, which offset the improvement in underlying gross margin,driven by healthyfull-price salesandmorefavorablebusinessmix.Otheroperatingexpensesdecreased180bpsofsales,drivenby110bpsofoperatingoverhead"You Got This"brand campaign.EPS came in at 2.70 (vs.2.53 Cons) 2026outlook maintained: HSD%cc growth,HSD%margin(10% ex-tariffs/FXheadwind).By region,Mgmt expects continuedmarket share growth across all markets in 2026,with LDD% growth in all regions but Europe, which is projected to grow at a MSD%rate.Onmargins,higherUStariffs andunfavorable currencydevelopments areexpectedtobea40Omheadwinds,which representsa~150bpsheadwind.Oncapitalallocation,Mgmthaslauncheda sharebuybackprogram,withplanstobuybackupto1binsharesthis year. .The Long View:Global Sportswear-Evolution ofthe sector overthenext decade·Nike and Adidas:Product,marketing and sales impact into the World Cup·China ConsumerPulse1Q26:Momentumamidanuncertain year·Global Sportswear:Thedeath of sneakers?·GlobalSportswear:CurrenttrendsinUS,EuropeandChina(Marchchannelchecks)Sportswear:What welearned fromQ4 earnings EXHIBIT2:ImpliedQ2-4GuidanceTable References to"Bernstein"or theFirm" in these disclosures relate to the following entities: Bernstein Institutional Services LLC (April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1,2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司,SanfordC.Bernstein(Canada)Limited,SanfordAfrica Technologies &Services to produce Bernstein research under a Global Services Agreement inplace between BernsteinandSocieteGenerale otherwise, for purposes of these disclosures, references to Bernstein's“affiliates" relate to both SG and AB and their respectiveaffiliates. RISKS adidas AG headwinds·Riskof interruptionfromconcentratedsupplierbase RATINGSDEFINITIONS,BENCHMARKSANDDISTRIBUTION EQUITYRATINGSDEFINITIONS Bernstein brand The Bernstein brand rates stocks based onforecasts of relativeperformancefor the next 12 months versus the S&P500 forReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Largeand Mid CapPrice Return Index USD (JPL)for stocks listed on the Japaneseexchanges,and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX)for stocks listed on the Asian(ex-Japan)exchanges-unless otherwise specified. The Bernstein brand has three categories of ratings: .Outperform:Stockwill outpace themarket indexbymore than 15pp : Market-Perform: Stock will perform in line with the market index to within +/-15 pp :Underperform:Stock willtrail theperformanceof themarket indexbymore than 15pp aresuspendedtemporarily,arenolongercurrent,andshouldthereforenotberelied upon. Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accuratelypredicted,atthepresenttime.Thecovering analystmay continuetopublishresearchreports onthecompanytoupdatei