Sportswear brand Adidas has reported a very strong performance for the first half of 2025, but its CEO Bjørn Gulden has cautioned against being too optimistic about the rest of the year.

In the six months up to June 30^th, the brand achieved sales of €12.1 billion, up 7.3% on the €11.3 billion achieved in the first six months of 2024.

Operating profit meanwhile climbed almost 70% from €682 million in the first six months of 2024 to close to €1.2 billion in the same period this year.

“The year has started great for us and normally we would now be very bullish in our outlook for the full year,” Gulden said. “We feel, however, that the volatility and uncertainty in the world does not make this prudent. We still do not know what the final tariffs in the US will be and we have already had a negative impact in the double-digit euro millions in the second quarter. The latest indications of tariffs will directly increase the cost of our products for the US by up to €200 million during the rest of the year.

“We also do not know what the indirect impact on consumer demand will be should all these tariffs cause major inflation. I have seen that many companies have either removed their outlook fully or reduced it dramatically. We have decided to stay with our initial outlook for the full year and a guidance for an operating profit of between € 1.7-8 billion. We currently feel confident to deliver it, but of course this might change – it may even be better should headwinds be less than we currently assume.”

On a currency-neutral basis, footwear revenues for the adidas brand increased 16% during the first half of the year, reflecting strong double-digit growth in the Originals, Sportswear, Running, Training and Performance Basketball categories. Apparel sales accelerated significantly and grew 12%, led by double-digit growth in the Originals, Sportswear, Running, Training and Outdoor categories. Accessories grew 8% during the first half of the year.

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