Adidas shares tumbled 15% in early trading after the sportswear giant missed quarterly profit expectations, driven by a €212mn spike in marketing spend around the World Cup.

Net profit from continuing operations rose 6% year‑on‑year to €398mn, falling short of analysts’ forecast of €430mn. Despite record second‑quarter revenues of €6.7bn, up 14% at constant currencies, the higher advertising bill—aimed at closing the gap with rival Nike—cost the company a profit miss.

Chief Bjørn Gulden pushed：(World Cup) marketing to boost demand for running and football products, with strong growth in China where Nike has struggled. The company now expects currency‑neutral revenues to grow 9‑10% for 2026, down from earlier high‑single‑digit forecasts, while maintaining an operating profit target of about €2.3bn.

Adidas will also replace CFO Harm Ohlmeyer with Birgit Kretschmer, who returns from C&A after leaving the firm in 2020.