We have adjusted our estimates following Adidas'' Q3 results. Our FY Dec-25 EPS estimates are broadly unchanged. We model full year EBIT of EUR 2,029m compared with company guidance of ''around EUR 2bn''. Our 2026 estimates are also broadly unchanged, and the current share price (EUR 165) implies a 2026 P/E of 14.5x. For a recap of the Q3 results, see Q3 results first take and Q1 results off the call. We do not consider the changes to be material; our rating is unchanged.