Adidas stepped up marketing spending by €212 million in the quarter, more than originally planned, to support the World Cup and broader brand momentum. She wrote in a note, “Expectations into the 2Q26 print were very high given the visible strength for Adidas during the World Cup.” Fernández said growth impressed with the 14 percent currency-neutral growth driven by DTC growth of 25 percent. The bulls may point to more tariff refunds to come, strong World Cup performance and brand heat as well as the guidance likely being conservative.” However, she reduced her estimate for currency-neutral sales growth for FY27 to 4.3 percent (prev.