Adidas shares fall as 2026 profit outlook disappoints

Adidas shares sank as much as 7% in early trading after the German sportswear group issued a profit outlook for 2026 that missed market expectations, overshadowing news that it extended CEO Bjorn Gulden's contract to the end of 2030.

- LINDA PASQUINI HELEN REID

The company forecast operating profit of around €2.3 billion ($2.7 billion) this year, implying a margin of 8.5%-8.8%, below the 10% target it had set, according to RBC analysts.

The lower outlook was due partly to US tariffs on imports and the weak dollar, which Adidas said would knock €400 million off earnings this year.

The extension of Mr Gulden's term appeared to be a vote of confidence in his strategy for Adidas, which reported a loss in 2023 but has since recovered.