Adidas Shares Slide Despite Record Performance

Adidas shares fall as 2026 profit warnings overshadow strong 2025 earnings. Analysts cut price target amid currency and tariff headwinds.

Investor confidence in Adidas has faltered, with shares trending downward despite the company posting exceptional results for 2025. The market's focus has shifted decisively from celebrating past achievements to worrying about the challenges outlined for the current fiscal year. This prevailing skepticism is now prompting analysts to revise their forecasts.

Future Headwinds Overshadow Strong 2025

The sportswear giant's final figures for 2025 were robust on paper. Currency-adjusted revenue increased by 13% to €24.8 billion, and the operating result surged by a notable 54%. The core issue lies in the guidance for 2026. Management anticipates significant headwinds of approximately €400 million, stemming from tariffs and unfavorable currency movements. A projected operating profit of just €2.3 billion disappointed market expectations, raising concrete concerns over future profitability.

This cautious outlook is directly impacting the stock. Closing at €134.70 on Thursday, the share price hit its exact 52-week low. Since the start of the year, the equity has declined by over 20%, locked in a clear downward trajectory.

Analyst Sentiment Shifts as Price Target is Cut

Reflecting the tense climate, private bank Berenberg has lowered its price target for Adidas from €220 to €190. The bank maintained its "Hold" rating on the shares, an assessment that mirrors the current market reality. The downward revision underscores how near-term concerns are outweighing the strength of the recently reported annual performance.

Management Counters with Shareholder Returns

In response to the difficult environment, Adidas management is implementing direct capital measures to retain shareholder support. An ongoing share buyback program, with a volume of up to €1 billion, is intended to provide a floor for the share price. Furthermore, the board plans a substantial 40% dividend increase to €2.80 per share. Operationally, the company is preparing for the football World Cup, a move evidenced by a targeted 17% increase in inventory.

Next Catalyst Scheduled for Late April

The next potential catalyst for the stock is already marked on the calendar. On April 29, 2026, the group will present its first-quarter results. This data will provide the first measurable evidence of the actual impact the feared tariff and currency pressures are having on day-to-day operations.