Adidas Shares Face Scrutiny Amid Investor Roadshow

Adidas AG is currently engaged in a multi-city investor roadshow, presenting in London, Chicago, Frankfurt, and Montreal. The sportswear giant is using these meetings to detail its fiscal 2025 results and provide guidance for the upcoming quarters to institutional investors. Market reaction, however, has remained muted so far.

Stock Performance Lags Behind Operational Progress

Despite the company’s outreach efforts, its share price tells a story of persistent pressure. The stock recently closed at €136.85, marking its precise 52-week low. This level represents a decline of approximately 40% from the peak of €226.70 reached just one year ago. Technically, the share price is trading nearly 20% below its 200-day moving average, underscoring a sustained period of weakness.

This negative momentum persists even as the company reports operational improvements. For the full year 2025, Adidas posted an operating profit of €2.06 billion, achieving a gross margin of 51.6%. A notable turnaround occurred in the fourth quarter, where earnings per share swung to a positive €0.42 from a loss of €0.26 in the same period the prior year.

Should investors sell immediately? Or is it worth buying Adidas?

Ambitious Targets Confront Significant Headwinds

Looking forward, management has set an ambitious operating profit target of roughly €2.3 billion for 2026. However, this outlook is tempered by anticipated headwinds. The company has already factored in negative impacts totaling around €400 million, stemming from unfavorable currency exchange effects and potential tariff-related issues.

The longer-term strategic goal is to lift the operating margin above 10% by 2028. This expansion is predicated on delivering annual sales growth in the high single-digit percentage range.

Investors and analysts are now looking ahead to the next concrete data point. Adidas is scheduled to release its first-quarter 2026 results on April 29. This report will provide the initial evidence of whether the company’s full-year ambitions are grounded in reality. Until then, the ongoing roadshow may offer only short-term sentiment boosts against a backdrop of significant technical and fundamental challenges.