We have adjusted our estimates following Adidas'' Q1 results. Our FY Dec-25 forecasts remain broadly unchanged, adjusting for the Q1 profit beat but also adverse movements in currency. Our EBIT forecast of EUR 2,041m is closely aligned with consensus but above management''s more conservative EUR 1.7-1.8bn guidance. For a recap of the Q1 results, see Q1 results first take and Q1 results off the call We do not consider the changes to be material; our rating is unchanged.