Annual Report 2025

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Edson Álvarez in a green Mexico adidas jersey in action. (Photo)

Emerging Markets

Sales for the adidas brand in Emerging Markets improved 17%. This development reflected broad-based double-digit growth in both Lifestyle and Performance. In Lifestyle, growth was driven by double-digit increases in Originals and high-single-digit growth in Sportswear. Growth in Performance was led by double-digit growth in Football, Running, and Outdoor, alongside increases in several other categories. Including Yeezy sales in the prior year, currency-neutral revenues grew by 15%. In euro terms, sales were up 6% to € 3,510 million as currency translation effects weighed on reported revenue growth (2024: € 3,310 million).

Net sales in Emerging Markets

+17%

Brand adidas c.n.
€ 3,510 million

Emerging Markets at a glance € in millions

 

 

2025

 

2024

 

Change

 

Change
(currency-neutral)

 

Brand adidas Change (currency-neutral)1

Net sales

 

3,510

 

3,310

 

6%

 

15%

 

17%

Gross profit

 

1,784

 

1,698

 

5%

 

—

 

—

Gross margin

 

50.8%

 

51.3%

 

(0.4pp)

 

—

 

—

Operating expenses

 

1,083

 

959

 

13%

 

—

 

—

Operating expenses
in % of net sales

 

30.9%

 

29.0%

 

1.9pp

 

—

 

—

Operating profit

 

701

 

738

 

(5%)

 

—

 

—

Operating margin

 

20.0%

 

22.3%

 

(2.3pp)

 

—

 

—

1

Excluding Yeezy sales in the prior-year period.

Gross margin in Emerging Markets decreased by 0.4 percentage points to 50.8% (2024: 51.3%) as the positive effects from lower sourcing costs and a better business mix were more than offset by unfavorable currency effects. Operating expenses were up 13% to € 1,083 million versus € 959 million in 2024, reflecting increases in both marketing expenditure and operating overhead costs. Operating expenses as a percentage of sales were up 1.9 percentage points to 30.9% (2024: 29.0%). Operating profit in Emerging Markets decreased 5.0% to € 701 million from € 738 million in 2024, while the operating margin was down 2.3 percentage points to 20.0% versus 22.3% in 2024.

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More about the Outlook
Lifestyle category
Under the ‘Lifestyle’ category, we subsume all footwear and apparel products as well as accessories that are born from sport and worn for style. ‘adidas Originals,’ which is inspired by sport and worn on the street, is at the heart of the ‘Lifestyle’ category.
Marketing expenditure
Expenditure that relates to point-of-sale and marketing investments. While point-of-sale investments include expenses for advertising and promotion initiatives at the point of sale as well as store fittings and furniture, marketing investments relate to sponsorship contracts with teams and individual athletes as well as to advertising, events, and other communication activities. Marketing overhead expenses are not included in marketing expenditure.
Operating overhead expenses
Expenses that are not directly attributable to the products or services sold, such as distribution and selling as well as general and administration costs, but not including marketing and point-of-sale expenses.
Performance category
Under the ‘Performance’ category, we subsume all footwear and apparel products as well as accessories that are of a more technical nature, built for sport and worn for sport. These are, among others, products from our most important sport categories: Football, Training, Running, and Outdoor.

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