Annual Report 2025

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

Europe

adidas is reporting its financial and operating performance via the following breakdown: Europe, North America, Greater China, Emerging Markets, Latin America, and Japan/South Korea. In 2025, currency-neutral revenues for the adidas brand increased at a double-digit rate in all markets, reflecting its broad-based momentum as well as the locally relevant product ranges and activations around the globe.

In 2025, sales for the adidas brand in Europe grew 10% on a currency-neutral basis. Growth was broad based, led by double-digit increases in Performance, including Running, Training, Specialist Sports, and Performance Basketball. Lifestyle revenues increased at a high-single-digit rate, driven by double-digit growth in Sportswear and high-single-digit increases in Originals. Including Yeezy sales in the prior year, currency-neutral revenues grew by 8%. In euro terms, sales also increased 8% to € 8,136 million from € 7,551 million in 2024.

Net sales in Europe

+10%

Brand adidas c.n.

€ 8,136 million

Europe at a glance € in millions

 

 

2025

 

2024

 

Change

 

Change
(currency-neutral)

 

Brand adidas Change (currency-neutral)1

Net sales

 

8,136

 

7,551

 

8%

 

8%

 

10%

Gross profit

 

4,195

 

3,795

 

11%

 

—

 

—

Gross margin

 

51.6%

 

50.3%

 

1.3pp

 

—

 

—

Operating expenses

 

2,504

 

2,310

 

8%

 

—

 

—

Operating expenses
in % of net sales

 

30.8%

 

30.6%

 

0.2pp

 

—

 

—

Operating profit

 

1,692

 

1,485

 

14%

 

—

 

—

Operating margin

 

20.8%

 

19.7%

 

1.1pp

 

—

 

—

1

Excluding Yeezy sales in the prior-year period.

Gross margin in Europe increased 1.3 percentage points to 51.6% from 50.3% in 2024, mainly reflecting lower sourcing costs. Operating expenses were up 8% to € 2,504 million versus € 2,310 million in 2024, driven by increases in both marketing expenditure and operating overhead costs. As a percentage of sales, operating expenses were up 0.2 percentage points to 30.8% (2024: 30.6%). Operating profit in Europe increased 14% to € 1,692 million versus € 1,485 million in the prior year. The operating margin improved 1.1 percentage points to 20.8% (2024: 19.7%).

How did the 2025 financial year go?

More on Business Performance
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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