Summary of Conference Call Notes Company Overview - **Company**: Adidas - **Industry**: Sportswear and Apparel Key Financial Highlights - **FY25 Q4 Revenue**: €6.1 billion, an increase of 2% year-over-year [1] - **Greater China Revenue**: €0.85 billion, up 15% [1] - **North America Revenue**: €1.3 billion, up 3% [1] - **Europe Revenue**: Up 5% [1] - **Product Breakdown**: - **Footwear Revenue**: €3.2 billion, up 4% [1] - **Apparel Revenue**: Up 20% [1] - **Accessories Revenue**: Up 7% [1] - **Operating Profit (OP)**: €0.16 billion, a 100% increase year-over-year [1] - **Operating Profit Margin (OPM)**: 2.7%, an increase of 1.7 percentage points [1] - **FY25 Total Revenue**: €24.8 billion, up 5% [1] - **Greater China Growth**: 9% [1] - **North America Growth**: 4% [1] - **Footwear Growth**: 7% [1] - **Apparel Growth**: 15% [1] - **Operating Profit for FY25**: €2.1 billion, up 54% [1] - **Operating Profit Margin for FY25**: 8.3%, an increase of 2.6 percentage points [1] - **Inventory Level**: €5.8 billion, up 17% [1] - **Inventory Turnover Days**: 164 days, an increase of 15 days [1] Guidance and Future Outlook - **FY26 Revenue Guidance**: Expected to grow at a high single-digit rate, with Greater China and North America projected to grow at a low double-digit rate, and Europe at a mid-single-digit rate [1] - **Operating Profit Guidance for FY26**: €2.3 billion, accounting for a €0.4 billion negative impact from U.S. tariffs and exchange rates [1] - **Mid-term Guidance**: FY27-28 revenue CAGR expected to be high single-digit, with operating profit CAGR in the mid-double digits [1] Additional Insights - **Revenue and Orders for January and February 2026**: In line with expectations, with manageable raw material costs locked in with suppliers until Q1 2027 [2] - **Growth Confidence**: Greater China is identified as the region with the highest growth confidence [2] - **Related Companies**: Shenzhou International, Huayi Group, Jingyuan International, Tmall, and Yue Yuen [2]