Adidas Pins Its Turnaround Hopes on Marathon Tech, Retro Kits and a Pharrell Sneaker
Published on 09/23/2026 at 16:31 | Editorial boerse-global.de
Adidas is asking investors to look past a soft patch in its share price and focus on a pipeline of new products that stretches from the marathon course to the football pitch. The Herzogenaurach-based sportswear maker used its "Home of Innovation" investor event on Wednesday to unveil the Adizero Adios Pro 5, a competition running shoe priced at 275 US dollars and aimed at serious distance runners. A reworked cushioning setup and a weight of 177 grams make the model noticeably lighter than its predecessor, with the company claiming a 12 percent reduction in weight and a nine percent improvement in energy return.
The launch lands at an awkward moment for the stock. On Wednesday the shares slipped 1.2 percent to 145.30 euros, a day after they had climbed 2.6 percent to close at 147.00 euros on Xetra. Since the start of the year the equity is down 13 percent, leaving it well short of the highs reached in recent months.
A split verdict from the analyst community
Sentiment on the sell side is far from uniform. StoneX analyst Zeyn Burak rates the stock a buy with a price target of 200 euros, pointing to the ongoing clean-up of inventory levels and the rollout of fresh models as the main drivers. The DZ Bank also kept its buy recommendation but trimmed its fair value from 215 to 205 euros, citing higher interest rates. CITIC reaffirmed its buy call as well, though it nudged its target down from 188 to 185 euros. Other market watchers cluster around the 200-euro mark.
That range of opinion reflects a sector still working through the aftermath of a prolonged inventory glut. Stockpiles had weighed on margins for an extended stretch, and analysts are now watching closely to see which new releases allow manufacturers to command full prices again without leaning on discounts.
Where the growth is coming from — and what it costs
The central question for Adidas is whether its expansion can carry the bottom line. Revenue climbed more than 13 percent in the second quarter to 6.74 billion euros, yet earnings per share dipped slightly over the same period, from 2.07 euros to 2.02 euros. That divergence between top-line momentum and profit is the crux of the current debate. Consensus for the full year sits at 9.34 euros per share, a bar that will require higher-margin launches to lift profitability meaningfully in the second half.
Should investors sell immediately? Or is it worth buying Adidas?
Much depends on how quickly new trend models can pick up demand as established bestsellers fade. In lifestyle, the company is leaning on silhouettes such as the Handball Spezial, Predator Sala and Italia 70s. Pulling off that handover without sacrificing margin would shore up confidence in the earnings targets.
Retro kits, Pokémon and a 300-dollar sneaker
Management is also betting on premium partnerships and nostalgia to drive sales into the autumn. In November, the Adistar Jellyfish — designed with musician Pharrell Williams — is set to hit shelves at 300 US dollars. The German national team, meanwhile, opens its campaign in Amsterdam wearing a reissue of its green 1990 away shirt, a retro concept that has historically packed considerable punch in global merchandising.
The product offensive is broad. Alongside a wave of running innovations, Adidas is rolling out a 67-piece Pokémon special collection that includes 28 sneaker models. On the football side, Jürgen Klopp wore an unreleased revival of the classic Predator at his first training session as national team coach on Tuesday, adding a fresh layer of visibility to the franchise.
On enters the pitch, and Nike waits in the wings
The clearest threat to the story comes from a tightening competitive field. Swiss rival On is moving into football boots for the first time, signing star striker Kylian Mbappé and planning a dedicated collection for 2027. Closer to home, Adidas will lose a historic flagship: its partnership with the German Football Association expires at the end of 2026, with arch-rival Nike taking over the kit from 2027. The switch costs more than prestige in the home market — it removes a significant revenue pillar from the merchandising business over the medium term.
Should consumer sentiment sour in key markets, or the sneaker range transition stall, the risk of heavier discounting rises. Margin erosion of that kind would also put the proposed dividend increase to 3.58 euros per share in doubt.
The October verdict
As long as the stock holds above its 52-week low of 130.20 euros and the new lines meet revenue expectations, the door remains open to a recovery toward the recent analyst targets. If margins roll over instead and earnings power stalls despite rising sales, selling pressure is likely to build again — and a break below this year's lows becomes a real possibility. The next decisive catalyst is already on the calendar: on 29 October the board reports third-quarter figures, the first hard evidence of whether the new sports and lifestyle ranges can absorb margin pressure through this transition year.
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