Adidas’ forecasts for the current year sent its share price falling to its lowest level in three years on Wednesday. At its lowest point it fell by almost eight percent to just under 136 euros. The papers thus advanced to the distant bottom of the Dax. Since the end of 2025, the price has fallen by around a fifth.
The sportswear manufacturer expects an operating result of around 2.3 billion euros this year. This compares to a consensus estimate from analysts of around 2.7 billion euros.
Analyst Monique Pollard from Citigroup had even expected an operating profit of three billion euros. Management’s targets for this year implied an operating margin of 8.6 percent, which would put the company behind its own medium-term goals. “This probably reflects management’s continued caution,” the expert suspected.
Stock market expectations of Adidas have fallen dramatically over the past twelve months. In February last year the price reached a high of over 260 euros. Afterwards, things continued to decline with considerable fluctuations. With the latest losses, the market value of the DAX group has almost halved from the aforementioned high to less than 25 billion euros.
Even the extension of the Norwegian Bjørn Gulden’s contract as CEO until 2030 could not help the share price on Wednesday. The fact that Gulden is staying at Adidas should please shareholders, wrote James Grzinic from the investment bank Jefferies. However, the company’s profitability remains a reason for discussion.
