Overview

• Adidas achieved Q1 2025 revenue of €6.153 billion, a 13% increase year-over-year, driven by strong footwear sales.
• Net profit for the quarter more than doubled to €436 million compared to the same period last year.
• CEO Björn Gulden cited uncertainty over potential US tariffs as the reason for not revising full-year revenue and profit guidance upward.
• The company has minimized exports from China to the US but remains heavily reliant on Southeast Asian manufacturing, including Vietnam and Bangladesh.
• Higher US tariffs could increase costs across Adidas' product lines in the US market, with price impacts on consumers yet to be determined.