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Investing.com -- UBS Global Research analysts see no signs of a slowdown for Adidas AG (ETR:ADSGN) in either 2025 or 2026, according to their latest update following a visit to the company’s headquarters in Germany.
The analysts reported increased confidence in the company’s outlook, citing a strong pipeline of products, solid demand signals from retailers, and resilient forward orders across key segments.
UBS flagged that Adidas (OTC:ADDYY) is continuing to perform well amid a volatile macroeconomic environment, with no cancellations reported in the existing order book.
The company’s 2026 order book is already showing early strength, supported by positive retailer feedback on upcoming product launches.
The product pipeline appears to be a core factor underpinning this optimism. UBS analysts noted a robust calendar of releases across both footwear and apparel for the next 12 to 18 months.
Key trends include growing consumer interest in low-profile footwear, such as the Tokyo and Taekwondo models, which are expected to take over some of the momentum from more mature franchises like the Samba.
The company is also planning a refreshed apparel line aimed at appealing to new customer groups and is seeing stronger-than-expected demand in the running category, where certain products are currently supply-constrained.
In response to potential trade challenges, such as tariffs in the U.S., Adidas is preparing mitigation strategies, including price adjustments.
However, according to UBS, the company may delay implementing these until there is further clarity on tariff levels. The rollout of key models, including the Superstar, remains unaffected.
UBS also pointed to Adidas’ historical archives and innovation capabilities as competitive strengths that support its agility in adapting to changing consumer trends.
The analysts believe this gives the company an advantage over both established rivals and new market entrants.
From a financial perspective, UBS estimates Adidas’ revenue will grow from €25.7 billion in 2025 to €28.4 billion in 2026, with EBIT expected to rise from €2.08 billion to €2.92 billion over the same period.
Earnings per share are forecast to increase from €7.81 to €11.48, and net earnings are projected to grow by 45.7% year-over-year, from €1.39 billion to €2.03 billion.
These projections support UBS’s view that the company remains on a “winning streak,” with no indicators at present suggesting a loss of momentum in the near term.