Adidas confirms FY25 outlook, continues to see ‘upside potential’

External volatility and macroeconomic risks have been increasing significantly since adidas (ADDYY) first issued its full-year outlook at the beginning of March. While the company confirms its outlook, the range of possible outcomes remains increased. The company continues to see upside potential based on the strong results for the first half of the year, continued brand momentum, and the strong order book for the remainder of 2025. At the same time, the increased uncertainty around the possible direct and indirect impacts from higher US tariffs persists. The company still projects operating profit to increase to a level of between EUR 1.7 billion and EUR 1.8 billion in 2025. Having completed the sale of the remaining Yeezy inventory in 2024, the company’s outlook does not include any Yeezy revenues or profits in 2025.