What happened? Adidas IR held a group sell-side ''quarterly logic check'' call ahead of its Q3 results, which it is due to report on 29 October. We highlight that there has been no change to full-year guidance and that the purpose of the event was to provide a re-cap of previously published comments. There was no new commentary on Q3 trends or profitability. BNPP Exane View There was no new commentary from Adidas and our forecasts are unchanged. We think it will be important to strip out the effect from annualising Yeezy when analysing the Q3 trends, and expect adidas brand footwear constant currency sales growth to be a key investor focus. We reiterate our Outperform rating. Main topics . Q3 2024 base: Yeezy revenues were EUR 200m in Q3 2024, equivalent to a drag of c.300-400bps on group constant currency sales growth in Q3 2025. Around half of these sales last year were in North America, so will be a c.700bps drag to sales growth in Q3 2025; around 30% were in Europe (c.300bps drag) and around 20% in Greater China (c.500bps drag). These are broadly aligned to our unchanged forecasts, shown in Figure 1. . Q3 2025e topline: the translation drag from currencies will be similar to the dampening effect on reported group sales line as in Q2, which was a drag of c.600bps. As mentioned above, Yeezy will be a c.300-400bps drag to group sales. Topics discussed included the relative performance of footwear and apparel. We expect apparel to outperform footwear, but we think that the footwear growth rate will be a key focus. Footwear excluding Yeezy was +9% in Q2 and the year-on-year comparative is easier in Q3, we estimate. . Q3 gross margins: full-price sell-through and product mix are both likely to be more neutral to gross margins after supporting H1 gross margin increases. We expect the unmitigated portion of US tariffs to be the main negative effect on gross margins in the quarter. . Tariffs: the company has previously guided a tariff headwind of up...